Quarterly Outlook
Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?
John J. Hardy
Global Head of Trader Strategy
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Morning Brew June 9 2021
Erik Schafhauser
Senior Relationship Manager
Good Morning
Markets continue to seek a clear direction while a flurry of news is piling up.
Global Indexes moved little yesterday and even less overnight, with all three US Index Futures, the Dax and the Eurostoxx moving less than 0.1% over night. Bitcoin came under pressure again yesterday but held above 30k and warnings on regulation boost it back to near 34k. US 10 year yields trade at a 1 month low and seem to approach 1.5%. the USD Index remains near the 90, currently at 90.1, Gold and Silver are at 1892 and 27.60. The EURUSD trades at 1.2180 and Cable at 1.4150. Crude Oil is at 70.40, at years high.
Chinese PPI hits 9%, the highest level since 2008.
Apple explores battery production for electric vehicles in a move to onshore production in the US.
The Jolts survey on Job openings in the US reaches an all-time high at more than 9 mio.
Transport rates from China to Europe hit an all-time high.
ECB Balance Sheet continues to rise, now at 7680 billion Euro.
The US Senate passes a bill to counter the Chinese dominance in technology.
Joe Biden is trying to instead reaching out to a bipartisan group to make his infrastructure deal a reality, he is also visiting Europe for 8 days.
Leaked tax declarations on ultra-rich US citizens including Jeff Bezos and Warren Buffet add fuel to the minimum tax discussion.
Germany also has it`s “meme stock” with Windeln.de rising 500% since Friday.
Key focus remains on the US CPI tomorrow with the ECB in the background.
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Local Start Date | Local Time | Country/Region | Indicator Name | Period | Reuters Poll | Actual | Unit |
9 Jun 2021 | 03:30 | China (Mainland) | PPI YY | May | 8.5% | Percent | |
9 Jun 2021 | 03:30 | China (Mainland) | CPI YY | May | 1.6% | Percent | |
9 Jun 2021 | 14:00 | Brazil | IPCA Inflation Index MM | May | 0.71% | Percent | |
9 Jun 2021 | 16:00 | Canada | BoC Rate Decision | 9 Jun | 0.25% | Percent | |
10 Jun 2021 | 01:50 | Japan | Corp Goods Price MM | May | 0.5% | Percent | |
10 Jun 2021 | 01:50 | Japan | Corp Goods Price YY | May | 4.5% | Percent | |
10 Jun 2021 | 08:00 | Norway | Consumer Price Index MM | May | Percent | ||
10 Jun 2021 | 08:00 | Norway | Consumer Price Index YY | May | 2.9% | Percent | |
10 Jun 2021 | 08:00 | Denmark | CPI YY | May | Percent | ||
10 Jun 2021 | 09:30 | Sweden | CPI MM | May | Percent | ||
10 Jun 2021 | 09:30 | Sweden | CPI YY | May | 2.0% | Percent | |
10 Jun 2021 | 13:45 | Euro Zone | ECB Refinancing Rate | Jun | 0.00% | Percent | |
10 Jun 2021 | 13:45 | Euro Zone | ECB Deposit Rate | Jun | -0.50% | Percent | |
10 Jun 2021 | 14:30 | United States | CPI MM, SA | May | 0.4% | Percent | |
10 Jun 2021 | 14:30 | United States | Initial Jobless Clm | 5 Jun, w/e | 371k | Person | |
10 Jun 2021 | China (Mainland) | Total Social Financing | May | 2,002.30B | CNY | ||
10 Jun 2021 | China (Mainland) | M2 Money Supply YY | May | 8.1% | Percent | ||
10 Jun 2021 | China (Mainland) | New Yuan Loans | May | 1,410.0B | CNY | ||
11 Jun 2021 | 08:00 | United Kingdom | GDP Est 3M/3M | Apr | 1.6% | Percent | |
11 Jun 2021 | 08:00 | United Kingdom | GDP Estimate MM | Apr | 2.4% | Percent | |
11 Jun 2021 | 08:00 | United Kingdom | GDP Estimate YY | Apr | 27.9% | Percent | |
11 Jun 2021 | 08:00 | United Kingdom | Manufacturing Output MM | Apr | 1.5% | Percent | |
11 Jun 2021 | 16:00 | United States | U Mich Sentiment Prelim | Jun | 84.0 | Index | |
14 Jun 2021 | 09:00 | Turkey | Current Account Balance | Apr | USD |
(Refinitiv)
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