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Morning Brew May 3 2022
Erik Schafhauser
Senior Relationship Manager
Summary: Markets nervously optimistic
Good Morning,
Markets remain nervous in this crucial week, stocks fell initially yesterday but this was taken as a buying opportunity that raised US Indexes into the green. Tech was particularly sought, with Meta as well as Nvidia gaining more than 5%, The US 500 gains app 0.6% and the Nasdaq 1.6%, the Dax looks to open above 14000.
BP reported a quarterly write-off o of USD 24 bio this morning and warns of ongoing uncertainty due to Ukraine and Covid restrictions. Profit before extraordinary Items was better than expected by app. 2 bio.
The Australian bank hiked more than expected during the night and AUD spiked higher before giving up a decent part of the gains, the cross jumped from 0.7088 to 0.7148 before receding to 0.7105. EURUSD remains near 1.05 and GBPUSD near 1.25 and the USD Index neat 20 Year highs.
Implied volatility for an at the money 1 month EURUSD Option is at 10%.
Gold and Silver fell yesterday to 1854 and 22.10 but recovered to 1859 and 22.60
US 10 year yields hit 3% yesterday for the first time in nearly 4 Years, the German 10 year rises to the highest since 2015.
Today, focus will be on the German employment data at 09:55, EU PPI at 11 and US Factory Orders at 4. Any hint on a surprise by the FOMC would likely trigger strong moves given the nervousness.
According to news articles a possible fat finger trade sent the Swedish Index 8% lower
Key earnings today are : AMD, Pfizer and Airbnb
Remain cautious and nimble.