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Leveraged products (e.g., CFDs, Forex (FX) including crypto/fiat, options) are complex instruments and come with a high risk of losing money rapidly due to leverage. 61% of retail investor accounts lose money when trading CFDs with this provider. 0.90% of retail clients trading in leveraged products experience a negative account balance after a stop-out occurred. 
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Leveraged products (e.g., CFDs, Forex (FX) including crypto/fiat, options) are complex instruments and come with a high risk of losing money rapidly due to leverage. 61% of retail investor accounts lose money when trading CFDs with this provider. 0.90% of retail clients trading in leveraged products experience a negative account balance after a stop-out occurred. You should consider whether you understand how CFDs, FX, or any of our other products work and whether you can afford to take the high risk of losing your money.
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Erik Schafhauser Zürich

Morning Brew November 24 2023

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Summary:  Enjoy Black Friday

Good Morning

Thanksgiving was fairly quiet, markets are not too much changed from Yesterday morning, most interestingly, the US Tech 100 NAS and the GER40 are exactly at the same level at 16000.

10 Year yields are trading at 4.46 and the USD Index 103.70, EURUSD 1.0904, GBPUSD 1.2525 and USDJPY 149.50. Gold and Silver remain at 1992. Silver just lost a full percentage point , possibly pulled lower by oil.

Nvidia may move lower today as itis delaying the launch of a new artificial intelligence chip it designed for China  until the first quarter of next year

The German IFO at 10, Canadian Retail Sales at 14:30 and the S&P PMI will be the key economic releases but expect low liquidity as outlined yesterday. During the night to Monday, the Japanese PPIU will be released,

Here some good reads for today by our Strats team:

Bonds: With Europe entering a recession and the ECB remaining on hold, euro-denominated corporate bonds remain at risk. The divergence between financial and corporate junk bond spreads following the SVB crisis suggests euro-denominated junk corporate bonds are trading too rich and within the last ten-year average. 

Oil: Crude oil prices remain under pressure with the latest weakness being triggered by OPEC’s decision to delay the meeting originally planned for this weekend until November 30

Options: This article explores options hedging strategies, specifically long puts on QQQ (Nasdaq 100 etf) and a debit put spread on NDX (Nasdaq 100 index option),

Investing with options: hedging the Nasdaq 100

Friday
- Data Japan CPI, German GDP, IFO, Canada Retail Sales, US PMI, Black Friday
- Earnings

Expiries

Physically Settled Futures

NGZ3 will expire 27 Nov 2023 at 08:30 GMT

MGCZ3 will expire 28 Nov 2023 at 16:00 GMT

FLGZ3 will expire 28 Nov 2023 at 16:00 GMT

GCZ3 will expire 29 Nov 2023 at 16:00 GMT

HGZ3 will expire 29 Nov 2023 at 16:00 GMT

KEZ3 will expire 29 Nov 2023 at 16:00 GMT

SILZ3 will expire 29 Nov 2023 at 16:00 GMT

SIZ3 will expire 29 Nov 2023 at 16:00 GMT

TNZ3 will expire 29 Nov 2023 at 16:00 GMT

TTFMZ3 will expire 28 Nov 2023 at 10:00 GMT

UBZ3 will expire 29 Nov 2023 at 16:00 GMT

XCZ3 will expire 29 Nov 2023 at 16:00 GMT

XWZ3 will expire 29 Nov 2023 at 16:00 GMT

Z3NZ3 will expire 29 Nov 2023 at 16:00 GMT

ZBZ3 will expire 29 Nov 2023 at 16:00 GMT

ZCZ3 will expire 29 Nov 2023 at 16:00 GMT

ZFZ3 will expire 29 Nov 2023 at 16:00 GMT

ZLZ3 will expire 29 Nov 2023 at 16:00 GMT

ZMZ3 will expire 29 Nov 2023 at 16:00 GMT

ZNZ3 will expire 29 Nov 2023 at 16:00 GMT

ZTZ3 will expire 29 Nov 2023 at 16:00 GMT

ZWZ3 will expire 29 Nov 2023 at 16:00 GMT

 

 

Expiring CFDs

NATGASUSDEC23 will expire 24 Nov 2023 at 16:00 GMT

10YUSTNOTEDEC23 will expire 28 Nov 2023 at 16:00 GMT

30YUSTBONDDEC23 will expire 28 Nov 2023 at 16:00 GMT

COPPERUSDEC23 will expire 28 Nov 2023 at 16:00 GMT

CORNDEC23 will expire 28 Nov 2023 at 16:00 GMT

GASOLINEUSDEC23 will expire 28 Nov 2023 at 16:00 GMT

GOLDDEC23 will expire 28 Nov 2023 at 16:00 GMT

HEATINGOILDEC23 will expire 28 Nov 2023 at 16:00 GMT

SILVERDEC23 will expire 28 Nov 2023 at 16:00 GMT

SOYBEANMEALDEC23 will expire 28 Nov 2023 at 16:00 GMT

WHEATDEC23 will expire 28 Nov 2023 at 16:00 GMT

 

Quarterly Outlook

01 /

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  • Macro Outlook: The US rate cut cycle has begun

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    The Fed started the US rate cut cycle in Q3 and in this macro outlook we will explore how the rate c...
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  • Commodity Outlook: Gold and silver continue to shine bright

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  • Equities: Are we blowing bubbles again

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    Peter Garnry

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    Explore key trends and opportunities in European equities and electrification theme as market dynami...
    Read full article
  • Macro: Sandcastle economics

    Quarterly Outlook

    Macro: Sandcastle economics

    Peter Garnry

    Chief Investment Strategist

    Explore the "two-lane economy," European equities, energy commodities, and the impact of US fiscal p...
    Read full article
  • Bonds: What to do until inflation stabilises

    Quarterly Outlook

    Bonds: What to do until inflation stabilises

    Althea Spinozzi

    Head of Fixed Income Strategy

    Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain ...
    Read full article
  • Commodities: Energy and grains in focus as metals pause

    Quarterly Outlook

    Commodities: Energy and grains in focus as metals pause

    Ole Hansen

    Head of Commodity Strategy

    Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities i...
    Read full article

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