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Russia halted crude flows to Hungary, Slovakia, and Czech Republic yesterday because sanctions prevented payment of a transit fee. But oil bulls are also quite this week, as US and Iran could finally reach a nuclear agreement, which would then unlock the Iranian oil and give a certain relief to the tight-supply market.
On earnings front, Coinbase missed estimates and Micron Technology was the latest US chipmaker to warn of a significant slowdown in chip demand, yesterday. While US chip stocks suffer this year, their Chinese counterparts grow fast.
Today is probably the most important day of the week in terms of economic data, as the US will reveal its latest CPI data, and investors have high expectations of seeing a softer figure in July.
A CPI figure in line with expectations, or ideally softer will certainly temper the hawkish Federal Reserve (Fed) expectations, pull US yields lower and trigger a relief rally across stock markets and gold. How far could the rally extend?
Watch the full episode to find out more!
0:00 Intro
0:26 Russia reduces oil supply to Europe
2:24 US chips tumble after Micron’s warning for slowing demand
3:26 Chinese chip companies grow fast, though
5:02 Coinbase tumbles 10%, as Bitcoin weakens
5:28 US inflation in focus: soft print could boost S&P500 & gold
Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020.
#US #inflation #data #Gold #XAU #USD #Coinbase #Micron #earnings #China #chip #stocks #Russia #crude #oil #Bitcoin
#SPX #Dow #Nasdaq #investing #trading #equities #stocks #cryptocurrencies #FX #bonds #markets #news
#Swissquote #MarketTalk #marketanalysis #marketcommentary
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