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August 17th - According to the Financial Times, JPMorgan Chase (JPM.N) CEO Jamie Dimon spoke with UK Chancellor of the Exchequer Healy by phone last week, warning him against raising taxes on the banking sector. The UK government is currently considering imposing new taxes on banks ahead of the October budget. Dimon stated that an uncompetitive tax system could weaken Londons status as a financial center, potentially leading to an outflow of capital and financial jobs from the UK.According to Al Jazeera, the Speaker of the Iranian Parliament stated that we must reach a level of deterrence to avoid falling into a cycle of war, peace, and then more war.Market news: Stripe is about to acquire artificial intelligence company OpenRouter for more than $7 billion.August 17th - According to Politico, U.S. Attorney General Todd Branch said on Sunday that he is willing to disagree with the president on legal issues. He emphasized that Trump wants cabinet members to disagree with him when necessary. When asked if he could reject the presidents preferred course of action if his legal opinion differed from the presidents, Branch said, "I think he would expect me to tell him no." However, he did not commit to the Justice Department always acting independently of the White House. "No, I would not make that commitment," he said, "and no attorney general should make that commitment."Iranian media outlet Fars News reported that the Deputy Political Commander of the Iranian Revolutionary Guard stated that while their operations have so far been defensive, they may shift to an offensive posture in the future. The armed forces will adopt transformative strategies and take any action necessary to defend the country.

Two Trades to Watch: DAX, GBP/USD

Jimmy Khan

May 07, 2022 10:43


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The DAX is falling as industrial output declines.


After a slaughter on Wall Street that saw the Nasdaq finsh 5% down, European equities have begun in the red, extending losses from the previous day.


Fears of inflation, stagflation, and recession are weighing on the market as we approach the weekend. The DAX is expected to shed 1.4 percent this week, marking the fifth consecutive week of losses.


In March, German industrial output decreased -3.9 percent on a month-over-month basis, down from 0.2 percent in February and considerably below the -1 percent drop forecast. The negative report comes on the heels of a sharp drop in German manufacturing orders in March. The data represents the economic effect of the Russian conflict on Germany and the Eurozone as a whole.


Germany does not have any additional statistics due today. Sentiment and the US NFP announcement will affect European indexes.

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