July 8, 2020
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
+1 (647) 282-4428
It has been another quiet evening and morning for economic and corporate news, the most interesting part of which is that we are now well into confession season and there havenâ€™t been any big preannouncements so far, neither positive, nor negative.
Chinese markets continued to climb overnight with Shanghai rising 1.75% and the Hang Seng climbing 0.6%. US index futures are steady this morning with gains of 0.1%-0.3%. European markets are off slightly with the Dax down 0.6% and the FTSE down 0.4%.
Energy and metals are on the rise today. WTI and Brent Crude oil are both up about 0.4% with WTI still trading above $40.00/bbl. Copper is up 0.1% while Gold is up 0.4%. US API oil inventories reported last night were up 2.0 mmbbl last week, today DOE oil inventories are due at 10:30 am EDT with the street expecting a 3.1 mmbbl drawdown.
Canadian economic announcements due over the course of this week could have an influence on trading in Canadian equities, bonds and CAD currency pairs. Canadian Ivey PMI had a big bounce in June back up through 50 and back into expansion territory rising to 62.9 from 42.1 in May. This afternoon, Finance Minister Morneau as expected to give a fiscal update, including the cost of all the fiscal stimulus unleashed in the last few months. Fitch Ratings recently downgraded Canadaâ€™s debt ratings on concerns over increased fiscal spending and rising debt levels. On Friday Canadian employment numbers for July are due.
SIA Wealth Update Webinar Today July 8, 2:00 pm EDT
Join Jeremy Fehr, Ted Bader and Paul Vendrinsky of SIA Wealth Management for an update on the current market and how that relates to SIA Wealth Management portfolios. Webinar audio will be available through computer VoIP or dial in using your phone.
Disclaimer:Â 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.Â 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.