Feb 24, 2017 - Market Update

Short recap

Asian shares lower, hit by slide in material shares on falling copper, iron ore and other commodities

EZ risks still present, Japanese investors own 13% of French bonds

If the Le Pen headlines continue we may see more EURJPY downside

Trichet on global debt and DM crisis coming in 10-15 years  video (talking about debt from 13^th minute)

Pace of growth of DM debt slowed down but EM accelerating, especially China

Trump – Obamacare & tax reform this year (tax laws in Aug), infrastructure plan in 2018

Actually, he is getting a strong competition as he is not the only Champion in the room but China has become the Grand Champion…

Doesn’t really matter that in FX manipulation in this case

New top trading partner for Germany is China as US slipped to third day after France

US oil production rising, replacing OPEC cut deliveries in Asia

Bunds supported by reinvestments, US Trys up on lower expectations of March hike

Peugeot-Opel – Peugeot to implement its own small car platform across Opel models

Royal Bank of Canada expected to report better results supported by division of capital markets

Its US activities will be in focus due to lighter regulation

Advent International improving the offer for Stada (EUR 3.6 bln)

UniCredit EUR 13 bln shares issue almost fully subscribed

NY Fed primary dealers expecting Fed to move in May or eventually later

March hike at 36%

May or later at 78%

We saw a bit of hesitation in US stocks yesterday what may result in a correction before Mar 15 FOMC

If we it does it can be a good signal that market is ready for rate hike

EURUSD – just touching support at 1.0500 or is there anything else?

Critical 1.0515 (year open) and than 1.0460

If we manage to close below then we are ready for more downsize even lower towards parity

Range 1.0500/20 is the battleground

Gold – 1250 (61.8%) and 1260 (200 DMA)

Data

US: Consumer Sentiment – to decline a bit

US: New Home Sales – expecting a new impulse

Good luck Champs!

Mr Hawk

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