November 19, 2020
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Market Commentary By:
Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428
Stock markets around the world are trading flat to lower this morning with US index futures down 0.1%-0.2%, adding to yesterdayâ€™s losses of 0.8%-1.1%, while across the Atlantic, the Dax and FTSE are both down about 0.7%. Commodity markets have also turned back downward this morning with WTI crude oil falling 0.5% and copper sliding 0.3%. Precious metals also continue to retreat with gold down 0.7% and silver sinking 1.9%.
The impact of positive vaccine news continues to fade with encouraging results from an AstraZeneca-Oxford University partnership being ignored. It appears that markets have priced in the prospect of one or more vaccines coming down the pipeline sometime in 2021, and now have turned their attention to the growing risk of another round of full or partial lockdowns during the Northern Hemisphere winter until vaccines can become available.
Retailer earnings continue to roll out to mixed reaction. Nightwear and personal products retailer L Brands is up 16.1% after posting stronger than expected results (EPS $1.13 vs street $0.09). Macys is down 5.6% premarket after results which although not as bad as feared, were still on the red (EPS -$0.19 vs street -$0.79, same store sales -20.2% vs street -23.2%)
Support Team SIA Motacular Moustaches This Movember
This month, in support of men’s health, SIA team members are participating in the Movember charity fund-raising campaign. Many of us know someone who has fallen ill to prostate or testicular cancer, mental illness or have passed away in recent years and are looking for a way to give back. The funds we help Movember raise will support life-changing services for mental health, innovative research, and scientific breakthroughs for cancer care. We know it has been a difficult year for everyone; if you are interested and able to support the cause this year, please click on the link below to access our teamâ€™s site. https://ca.movember.com/team/2383675
Best Regards, Jeremy Fehr and the Motacular Moustaches team.
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