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Morning Brew October 19 2023
Erik Schafhauser
Senior Relationship Manager
Summary: Musk warns af economic slowdown
Good Morning
We saw a nervous day yesterday with equities under pressure and yields rising. Gold and silver traded higher before giving in to the yields as well.
The Dow lost 1%, the S&P 500 gave up 1.3% and the Nasdaq ended 1.6% lower. The US 500 is trading at 4303 and the US Tech 100 Nas at 14880. The Germany 40 is testing the 15000 this morning.
Morgan Stanly lost 6.8%, Telsa ended the session 4.8% lower and lost an additional 4% after results. Netflix rose app 12% after hours. Nvidia fell almost 4%.
As 10 year yields breach 4.9% for the first time since the global financial crisis, the USD index rose to 106.60. EURUSD is trading at 1.0530, GBPUSD 1.2120 and USDJPY 149.75. Gold and Silver are at 1948 and 22.90. Ole commented on the precious metals yesterday
Headlines:
Egypt agreed to reopen its border crossing with the Gaza Strip to allow aid in
Oil prices fell as OPEC showed no signs of supporting Iran's call for an oil embargo
Jim Jodan fails the 2nd attempt to be elected as speaker of the House
Tesla fails expectation and Elon Musk wans on high rates as well as questioning the factory in Mexico.
TSMC beat expectations as profits “only” fell 24.9%.
Nokia Sales fall 20% and announced 14000 job cuts.
Nestle sales disappointed Analyst expectations
Today we are watching the 1o year yields for clues and at 18:00 CET Jerome Powell will speak at the at the Economic Club of New York, any development in the middle east will also be closely watched. The Existing Home sales at 16:00 GMT will give some insight to the real estate market.
Trade safely!
Thursday
- Data: AU Unemployment, US Initial Jobless Claims, Philly Fed Bulliness Index, Existing Home Sales
Friday
- Data Japan CPI, China Rates, UK Retail Sales, .
- Earnings Amex,