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Morning Brew April 27 2024
Erik Schafhauser
Senior Relationship Manager
Résumé: PCE...
Good morning,
Due to an IT issue, there is a short version today.
Risk sentiment is better after google and Microsoft earnings and all eyes are on the US PCE today at 14:30 to see to the Stagflation fear is confirmed.
Alphabet is becoming main street by paying its first ever dividend and will repurchase shares worth 70 Bio. Traders celebrate by purchasing the stock by a small countries GDP or 16%. Microsoft also exceeded expectations across the board and shares rose 4% in extended trade.
The US 500 is at 5092, the US tech 100 NAS at 17650. The HongKong 50 is at 1770 or almost 10% higher than a week ago.
US Yields are slightly higher and traders’ price in the first rate cut only in November.
Gold and Silver are higher again at 2338 and 27.60, EURUSD 1.0733, GBPUSD 1.2512 and USDJPY above 156 after the Bank of Japan failed to take action again.
The expectation for the PCE is 2.6% and the Core 2.7%. unless anything unexpected happens, this release should make or break the day, but we have seem massive moves the last weekends, without necessarily huge surprises in data. BE careful!
Friday
- Data US PCE
- Earnings: Exxon Mobil, Chevron, Colgate Palmolive,