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 August 28 2024
Erik Schafhauser
Senior Relationship Manager
Summary: Nvidia Daz
Good morning,
Today will be all about Nvidia earnings. Options indicate a 10% move as likely. At the current market cap, that translates to 300 billion USD. It is always dangerous in my view if there is such a high focus on a single event. Our CIO Peter thinks that Nvidia earnings will show another quarter of explosive growth. Nvidia's stock has risen 160% this year and 1,000% from its October 2022 low. To read our traders’ take on Nvidia earnings, read this article. Consider your positions and your risk before managing or taking a position.
It might be worth to employ potions rather than outright positions due to the high expected volatility, find a good overvire on common strategies compiled by Koen:
Ahead of the release, traders went into hibernation, the big three indexes moved less than 0.2% yesterday and volumes were 30% below the 20 day average.
Yields and USD Index are little changed but EURUSD is a lower at 1.1140 and GBPUSD higher, USDJPY little changed at 144.40. Gold and Silver are lower at 2507 and 29.45 I believe on the failure to break above key resistances.
Copper rose to 425 again while US Crude trades nervously at 75.50. Demand and production increases worry.
Today, there is little to grab attention besides the Nvidia earnings so it will either be a very quiet day or we will see nervous position adjustments going into the release.
Trade safely and good luck
Wednesday
- Data AU CPI,
- Earnings: CNOOC, BYD, Meituan, , Bank of Communications Royal Bank of Canada NVIDIA Corp Salesforce Crowdstrike
Speakers: Christoph Waller
Thursday
- Data Consumer Confidence, Germany Inflation, US GDP, Initial Jobless claims.
- Earnings Bank of China China Merchants Bank China Life Insurance Canadian Imperial Bank Dell Technologies, Marvell Technology Autodesk
Speakers: Raaphael Bostic
Friday
- Data Japan CPI (Tokyo) AU retail Sales, CH KOF Indicator, DE Unemployment, EU HICP, US PCE, Canada GDP, University of Michigan
- Earnings: Agricultural Bank of China China Construction Bank China Shenhua Energy China Yangtze Power Postal Savings Bank of China
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