Morning Minutes 9/9/2019

Morning Minutes

Markets Start The Week Indecisive Following Weak China Trade Data

September 9, 2019
8:45 am EDT

At SIA Wealth Management everything we do is based on Relative Strength Analysis. We evaluate the Relative Strength between asset classes giving us insight into money flows on a large scale, and from this select top ranked investments.

Market Commentary By:
Colin Cieszynski, CFA, CMT
Chief Market Strategist
ccieszynski@siawm.com
+1 (647) 282-4428

Stock markets around the world are mixed this morning as investors appear to be struggling with how to read into recent developments, particularly China’s trade report. In the US, Dow futures are up 0.2% while NASDAQ futures are down 0.1%. In Asia, Shanghai rose 0.8%, while Hong Kong and Australia were essentially flat.

China reported a trade surplus of $34.B for August, significantly less than the street was expecting. The shortfall appears to be due to a 1.0% drop in exports which was below the 2.0% growth investors had been anticipating. Imports fell by 5.6%, slightly less than the 6.0% drop that had been widely expected. This news can be read as another sign of a slowing Chinese economy which could be seen as a negative for corporate earnings and resource demand. On the other hand, some investors appear to be taking this increasing pressure on China to get a trade deal done with the US. Time will tell…

Commodity markets are mixed this morning. The weak China trade report has sent Copper to a 0.6% loss. On the other hand, crude oil is climbing with WTI and Brent both up 0.5% on reports that Saudi Arabia’s new Energy minister is in favor of continuing output cuts and price support.

In Europe today, the Dax is up 0.3% on a larger than expected German trade surplus. The FTSE is down 0.6% after better than expected UK GDP and industrial production reports pushed the pound (GBPUSD) up 0.6% on indications that the negative impact of Brexit chaos has not been as bas as feared. More voting and wrangling in the UK Parliament is expected this week but for some investors, focus may turn toward Thursday’s ECB meeting where some kind of stimulus action (a rate cut deeper into negative territory or something else) is widely expected.

It’s a quiet week for earnings except in Canada where a number of major retailers are expected to release results including Hudson’s Bay and Roots on Wednesday, followed by Dollarama on Thursday.

Disclaimer: SIA Wealth Management Inc. (SIAWM) specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investor’s investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIAWM nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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At SIA Wealth Management everything we do is based on Relative Strength Analysis. We evaluate the Relative Strength between asset classes giving us insight into money flows on a large scale, and from this select top ranked investments.

Market Commentary By:
Colin Cieszynski, CFA, CMT
Chief Market Strategist
ccieszynski@siawm.com
+1 (647) 282-4428

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Disclaimer: SIA Wealth Management Inc. (SIAWM) specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investor’s investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIAWM nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.