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Morning Brew June 25 2024
Erik Schafhauser
Senior Relationship Manager
Summary: Will Nvidia stabilize ?
Good morning
Interesting divergence in equities while precious metals hold.
The Dow gained 0.66% while the S&P and the Nasdaq were pulled lower by Nvidia. Nvidia fell 6.7% and pulled other chip makers lower so that the S&P fell 0.3% and the Nasdaq 1.1%.The Dow is edging towards the 40k again currently at 39532
Reasons for the selloff in Nvidia are seen in insider selling, a report in the WSJ, AI may cause issues in the power grid - this may well be a serious issue as it cannot be easily fixed.
EURUSD is little changed at 1.0740, GBPUSD 1.2695 and USDJPY 159.40. Gold and Silver are 2326 and 29.54. The USD Index receded to 105.50 from the recent 105.90, 10 year yields are unchanged at 4.23.
Bitcoin can recover over night to 61000 but is down 8% for a week, the reason is outflows out of ETF.
Headlines:
- Reuters published a bleak outlook on Chinese Retail, turnover at the 618 shopping event was disappointing, consumer confidence remains low and only 30% of respondents in a questionnaire expect an increase in income.
- The US is probing China Telecom and China Mobile on concerns over data access.
- The EU is formally starting talks with Ukraine on a formal EU membership
Today, key events will be the Canadian CPI and the US Consumer confidence but I believe the main focus will be on Nvidia - the market cap gained or lost in a one percent move in Nvidia is approximately 20 Billion USD meaning there is a real economic impact!
Trade safely!
Tuesday
- Data Japan PPI, Canada CPI, US Consumer Confidence, Bowman & Cook speak.
Wednesday
- Data AU CPI, USS New Home Sales
Thursday
- Data EU Consumer Confidence, Turkey Rate decision, US Initial Jobless claims., GDP Final. Durable Goods Orders, US presidential Debate
Friday
- Data CH KOF indicator DE Unemployment rate US PCE, Barkin speaks, Ultimo
Expiries:
Physically Settled Futures
NGN4 will expire on 25 Jun 2024 at 19:30
TTFMN4 will expire on 26 Jun 2024 at 19:30
Expiring CFDs
COPPERUSJUL24 will expire on 26 Jun 2024 at 15:00
CORNJUL24 will expire on 26 Jun 2024 at 15:00
GASOLINEUSJUL24 will expire on 26 Jun 2024 at 15:00
HEATINGOILJUL24 will expire on 26 Jun 2024 at 15:00
SILVERJUL24 will expire on 26 Jun 2024 at 15:00
SOYBEANOILJUL24 will expire on 26 Jun 2024 at 15:00
SOYBEANSJUL24 will expire on 26 Jun 2024 at 15:00
SUGARNYJUL24 will expire on 26 Jun 2024 at 15:00
WHEATJUL24 will expire on 26 Jun 2024 at 15:00