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Morning Brew November 10 2023
Erik Schafhauser
Senior Relationship Manager
Résumé: A miserable 30 Year Bond Auction and Jerome Powell end the winning streak in Equities.
Good Morning
A hawkish speech by Jerome Powell and a miserable 30 year bond auction caused risk sentient to sour and yields to jump. The winning streak of indexes was cut.
Powell basically said the FOMC was not confident rates were high enough yet and the 30 year auction had a poor bid-to-cover ratio of 2.24 and a higher yield. – Watch for comments from our Bond-Girls Althea later.
The USD Index rises to 105.80, 10 Year Yields to 4.61 the 30 Year to 4.75. EURUSD falls to 1.0667, GBPUSD 1.2225 and USDJPY trades above the 151. Gold and Silver are higher than yesterday morning but have bounced off resistances. Currently 1958 and 22.70.
The Dow lost 0.7% yesterday, the S&P 500 0.8% and the Nasdaq 0.95%. Disney gained after earnings and closed 6.9% while ARM disappointed and fell 5.2% Tesla loses app 5% - possibly due to Biden backing unionization.
Chinese lender ICBC was hit by a ransomware attack that prevented trading operations.
Meta has entered and agreement with Tencent to sell it`s virtual reality headset in China.
Today there is little economic data and traders will focus on the developments in the fixed income market and also the annoying debt ceiling in the US is likely to become a topic again. There is not a lot of time before the next lockdown looming.
In Europe, the future of Signa Group will be closely watched.
Friday
Data:UK GDP, Norway CPI,
Earnings: Allianz, Financiere Richement, Tokyo Electron
Lorie Loagan & Bostic speak