Sept 12, 2017 - Market Update (Risk off on NoKo, Irma, higher bond yields, change in CNY policy, Cryptos banned but PBOC supporting blockchain, Regulation to come, Samsung cheering over Note 8, Apple's new iPhone 8 with USD 1000 price tag?, Gold prone to correct to 1300 if no risks off, Japanese stocks ok as long as USDJPY above 108.00)

Short recap

Asia printing 10-yr highs

Europe opening higher

Jump in bond yields supporting risk on

China likely to change policy in order to avoid quick appreciation of CNY

New milder sanctions against NoKo approved by UN

No NoKo reaction yet, markets relieved a bit

Brexit repeal vote approved, a huge relief for May

Some ECB officials pretty hawkish yesterday but no policy change indication

China’s ICO (crypto) ban targeting illegal activities only 

PBOC ok with blockchain technology as such

Equities

Samsung cheering the pre-orders for new Note 8 well beating Note 7 success

Volkswagen to invest EUR 20 bln into e-cars

Buying a new sunglasses? EU not happy with Luxottica-Essilor merger (EUR 46 bln)

Apple to show new iPhone 8 but what about the price of USD 1000 ?

Equifax facing hard time after getting hacked

Cancer immunotherapy an option?

BP goes IPO with some US assets

Citi down 15% with trading revenue

Societe Generale selling 49% of its Chinese AM to Warburg Pincus

Japanese stocks should do well as long USDJPY stays above 108.00

Bonds

10-yr Trys yield at 2.13%

10-yr Bund yield at 0.33%s

DXY

Short term strength in USD here as US yields, stocks

Popped up yesterday but need to sustain the gains today too

After showing the hammer at the low last week is now creating a morning star

Fed hawks on the crossroad as they need to reassess the impact of hurricanes on potential Dec hike

Strong support at 91.88 (2016 low), then 89.00 area

Gold

May be prone to correct to 1300 on NoKo, Irma risk off and higher US yields

Data/events

ECB’s Constancio (1345 GMT)

Sep 19-20 FOMC

Sep 21 – Brexit – a major speech from May expected

Is UK sort of reshuffling priorities or looking at a reset of talks?

Oct 18 – China National Congress

Oct 26 ECB

Should you have any questions feel free to contact me anytime.

Good luck Champs!

Mr Hawk

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