September 29, 2020
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Market Commentary By:
Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428
Coming off of a banner day which saw US markets gain 1.6%-1.8%, stock markets around the world have slipped back a bit as investors digest Mondayâ€™s market moves and await upcoming scheduled developments. US index futures are down 0.1% to 0.3%, while in Europe, the Dax and FTSE are both down about 0.4%. Commodity trading finds WTI and Brent crude oil both down about 0.7% and copper down 0.5%. On the other hand, gold and silver have both bounced back a bit, climbing 0.5% and 2.1% respectively.
There have not been any major market moving developments overnight but a number of potential news drivers are on the way starting with tonightâ€™s US Presidential Debate between President Trump and former VP Joe Biden, which could potentially influence how investors see the rest of the campaign unfolding and risk/opportunity assessments.
Across the pond on the political side, UK-EU trade talks resume today and EU leaders are scheduled to hold a special summit on Wednesday to discuss growing tensions between the EU and Turkey related to migration, energy exploration, and other issues.
Economic news also starts to ramp up this evening with China reporting monthly Manufacturing and Non-Manufacturing survey results overnight before itâ€™s holidays, and Japan releasing its main monthly basket of numbers including retail sales, industrial production, housing starts and construction reports. Tomorrow morning brings Canadian monthly GDP, US ADP payrolls, the second US Q2 GDP update, US pending home sales and the Chicago purchasing managers report.
SIA Wealth In The Media
Chief Market Strategist Colin Cieszynski recently appeared on BNN, to speak about relative strength and current trends in world markets.
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