Playlist: New York Stock Exchange (ARCA)

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Morning Call: Chinese shares surge as trade war rages on
19 September 2018 at 8:36 GMT
Morning Call: Chinese shares fall further
11 September 2018 at 8:36 GMT
Morning Call: Chinese bounce unlikely to last
27 August 2018 at 8:28 GMT
From the Floor: Market calling for a hawkish ECB
07 June 2018 at 7:34 GMT
Macro tactical & strategic book week 7 — #SaxoStrats
Kay Van-Petersen
13 February 2018 at 10:42 GMT
Quarterly Outlook: China sets the stage
03 October 2017 at 12:30 GMT
Quarterly Outlook: Enter the dragon – #SaxoStrats
Kay Van-Petersen
03 October 2017 at 11:45 GMT
Quarterly Outlook: For the future, look no further than China
Peter Garnry
03 October 2017 at 11:33 GMT
Quarterly Outlook: China in your hand — #SaxoStrats
Simon Fasdal
04 July 2017 at 12:30 GMT
A look at Chinese equities with iShares' Wei Li
Michael S. McKenna
30 June 2017 at 12:36 GMT
Quarterly Outlook: At the crossroads
Simon Fasdal
12 January 2017 at 13:30 GMT
Video / 24 April 2018 at 7:32 GMT

From the Floor: Bullish macro data push indices higher – #SaxoStrats

  • Monday sees best macro releases (against expectations) since mid-February
  • Chinese shares soar as government states it's willing to ease tightening
  • Geopolitics surrounding Iran a key focus for crude oil: Ole Hansen
  • Alphabet posts best revenue growth since 2014, EPS at 13.33 versus 9.3 expected
  • Gold at risk of correcting to April low at $1,230/oz, potentially $1,307/oz
By Michael McKenna

European and US PMI data surprised to the upside Monday with the Chicago Fed National Activity Index for February showing the strongest growth since 1999 before slowing somewhat in March.

"The start of this trading week saw the best macro day against expectations since mid-February," notes Saxo Bank head of equity strategy Peter Garnry, with European bourses opening in the green.

In China, Garnry reports that stocks are soaring on rumours that Beijing may be willing to ease its policy tightening mandate in order to stave off a larger-than-anticipated economic slowdown; the CSI 300 index closed up 2.6% on the speculation.

On the earnings front, Google parent Alphabet reported a 24% rise in topline growth (excluding traffic acquisition costs) with revenues coming in at $24.9 billion versus $24.3bn expected while earnings per share came in at $13.33 versus $9.30 expected.

"Alphabet shares quickly rallied by 5% but closed the after-market session flat," Garnry reports, adding that in Europe Volvo beat expectations in open profit terms while Santander exceeded forecasts in net income.

Today sees Coca-Cola, 3M, Verizon, and Amgen posting earnings.

Alphabet (hourly):
Source: Saxo Bank

In commodities, Iran remains the key geopolitical focus for oil traders ahead of US president Donald Trump's decision on sanctions next month and in the wake of Iranian-backed Houthi forces in Yemen launching a missile attack against Saudi Arabia.

Saxo Bank head of commodity strategy Ole Hansen reports that Brent crude surged north of $75/barrel to its highest level since November 2014 on the news.

Meanwhile, Hansen says that gold prices are at risk of slumping lower with the April low of $1,320/oz and a further extension to $1,307/oz in view. Aluminium prices, meanwhile, have slumped lower as the US Treasury extended its deadline for sanctions against Rusal, Russia's largest aluminium producer.

Michael McKenna is head of editorial content at Saxo Bank


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