January 12, 2021
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Market Commentary By:
Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428
World markets have been mixed overnight as investors digest recent developments related to COVID Wave 2 (vaccine rollouts versus new/increased lockdowns) while awaiting the start of US earnings season later this week, and Joe Bidenâ€™s inauguration as US President next week.
Itâ€™s a light day for both economic news and corporate news. A couple of FOMC members are speaking today and weekly oil inventories are due later on but the main data reports (trade and retail sales for the US and China) arenâ€™t due until Thursday-Friday.
This morning finds US index futures bouncing 0.2%-0.3%, clawing back some of yesterdayâ€™s 0.3%-1.3% losses. In Europe today, the Dax is down 0.1% while the FTSE is down 0.6%. It was a good day for Chinese markets with Shanghai rallying 2.0% and Hong Kong climbing 1.3% but the other major Asia Pacific indices were flat to down slightly.
In commodity action today, WTI and Brent Crude Oil are up 1.1%-1.3% ahead of weekly inventory numbers due later today and tomorrow. Copper is up 1.2% while Platinum is up 2.0%. Gold and silver are steady today.
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