Quarterly Outlook
Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?
John J. Hardy
Global Head of Macro Strategy
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Morning Brew September 14 2021
Erik Schafhauser
Senior Relationship Manager
Summary: Evergrande under pressure - US CPI as last key event ahead of the FOMC
Good Morning,
On Friday we saw the Nasdaq 100 and the Dax at the same level for the first time, then both came under pressure and the Dax was able to recover more strongly as ECB member Isabel Schnabel come on the wires stating that the recent rise in Inflation was no immediate cause for action. The Dax is trading at 15727, the Nasdaq 100 15455, S&P 500 4476 and the Dow 34947 (Based on the Future)
The 10 Year US yield is at 1.3260, the USD Index at 92.62, EURUSD at 1.1810 Bitcoin 45250 and gold and silver at 1792 and 23.60.
US Democrats proposed a reversal Donald Trump's tax cuts, including raising the top tax rate on corporations to 26.5% from the current 21%.
Evergrande, the giant Chinese real estate developer remains under pressure with yields on it`s 2025 bond rising to 54% and shares falling to a 6 year low.
A fake press release led to a surge in the value of litecoin – it was falsely announced that Walmart would start accepting the digital currency.
Today`s key event will be the US CPI at 14:30 CET expected at 5.3% YoY and 0.4% MoM, the core at 4.2%, this is one of the last key events ahead of the Fed decision next week.
This evening Apple will hold one of it`s product events and likely release a now iPhone, Earbuds and a new version of the watch.
Trade safely
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