Quarterly Outlook
Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges
Althea Spinozzi
Head of Fixed Income Strategy
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Morning Brew May 23 2024
Erik Schafhauser
Senior Relationship Manager
Summary: Nvidia Soars - Watch China
Good morning,
Nvidia exceeded expectations across the board yesterday and additionally announced a one to ten stock split for June 7th. Sales, earnings and the revenue forecast were higher than expected. The stock is seen to gain app. 8% in the open.
Copper led metals lower since yesterday, Copper fell 35 cents on the pound after hitting a 20 year high, Gold dropped below the 2400 to trade at 2360, Silver fell to 30.30
The Fed minutes were uneventful and did not cause a significant shift in the rate path.
China announced 'punishment' war games around Taiwan after expressing unhappiness with the inauguration speech of President Lai.
The UK will hold general elections on July 4th Indexes are not dramatically changed but the Nasdaq is outperforming over night as the boost from Nvidia is expected, the US500 is 5335, the US 30 39700, the GER40 18717 and the US tech 100 NAS 18865.
The USD Index and Yields are a little higher at 4.43 and 104.90, EURUSD is 1.0823, GBPUSD 1.2722 and USDJPY 156.70. GBPUUSD can be interesting heading into the election, the UK is in an ugly situation of high inflation and a bad outlook.
Today the agenda is thin, the PMI, initial Jobless claims and Turkish central bank decision will only have a significant impact of there is a major surprise. expect lots of moves driven by Nvidia as tomorrow there are lots of options expiring.
Trade safely
Thursday
- Data International PMI, Turkey Rate Decision US Initial Jobless Claims, EU Consumer
- Earnings: Meituan, Xiaomi Workday
Friday
- Data Japan CPI, DE GDP, UK Retai Sales, US Durable Goods & Michigan Sentiment, Canada Retail Sales
- Earnings: Dollar Tree Inc
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