With the opening of exchanges, cash flow expectations are to focus on energy and banking. Both in the beginning and throughout the European session, mining companies are expected to benefit from a massive cash inflow. It is good to head to Glencore, Antofagasta, Anglo American and BHP Billiton, who, as leaders in their sector, will receive support, given the strong metal growth - Zinc and Nickel. The SNB's basic interest rate decision, which we are waiting for at 10:30 and British retail at 11:30, is likely to result in a capital inflow to JPY and withdrawal of GBP from GBP. After 11:30, when the data from Switzerland and the UK will be available, I expect a JPY sale and stronger stock purchases because of the investors' assumption that the trade war between the US and China will not be as bad as it has ever been.
Charts: Used with permission of Bloomberg Finance L.P.
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