December 30, 2020
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Market Commentary By:
Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428
Clawing back yesterdayâ€™s 0.2%-0.4% declines, US index futures are up 0.2%-0.3% this morning as US markets continue to digest their recent runs up to all-time highs. Across the pond this morning, the Dax and FTSE are flat as investors await the US parliamentary vote on ratifying the recently struck UK-EU trade deal. Â A slight downward revision to 2019 Chinese GDP growth was shrugged off by investors as Hong Kong rallied 2.2% and Shanghai gained 1.0%.
Energy commodities are up again today with WTI and Brent Crude Oil up 0.8% and 0.7% respectively while Natural Gas is up 0.6% Gold and Copper are all down marginally in metals action while Silver is up 0.6% and Platinum is up 0.7%.
It is still relatively quiet on the corporate news front, but the UK government approved AstraZenecaâ€™s COVID vaccine today, which along with the recent Pfizer and Moderna approvals may help to further accelerate vaccine rollout programs.
Today brings some early PMI reports which could give us an early indication of what to expect when the majority of PMI numbers come out next week. US Chicago PMI is due at 9:45 am EDT today and expected to show a slight slowing in the current expansion (street 57.0 vs previous 58.2). Tonight, monthly PMI reports from China are due: Manufacturing (52.0 vs previous 52.1) and Non-Manufacturing (52.4 vs previous 56.4).
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