Steady Markets Digest Inflation And Housing Data

Moving into the holiday season, markets remain quieter but supported. US indices finished flat to up 0.6% yesterday and this morning, the three main US index futures contracts are all up about 0.2%. The US 10-year treasury note yield is steady near 3.90%. Over in Europe, the FTSE is flat and the Dax is up 0.4%.

Commodity market action is mixed with Copper up 0.9% but Crude Oil down 0.6% and Natural Gas down 2.3%. In currency action, the Yen is down 1.0% after the Bank of Japan indicated it is not ready to move off of its ultra-dovish stance yet. Gold and the major paper currencies are holding steady while Bitcoin is up 2.7%.

Housing market data continues to roll out today. US housing starts beat expectations  (1.56M vs street 1.26M). Yesterday the US NAHB Housing Market Index beat expectations but Canadian new house prices erased a previous one-month bounce and returned to negative territory. Tomorrow brings US existing home sales.

Inflation reporting resumes today with Canadian Consumer Prices (3.1% vs street 2.9% and previous 3.1%) slightly worse than expected and Core CPI increasing (2.8% vs street 2.7%). This is somewhat concerning as inflation held steady even with downward pressure on inflation from falling Canadian Raw Material prices fell more than expected (-4.2% vs street -3.5% and previous -2.6%). Earlier this morning Eurozone headline Consumer Prices held steady at 2.4% and Core CPI held steady at 3.6%; both were as expected.  Tomorrow brings UK Consumer, Producer and Retail prices. Friday features US Core PCE inflation and Japanese Consumer Prices.

Terms and Conditions:

This information is for Investment Advisors only. The website is for informational purposes only and is not intended to provide a complete description of SIA Wealth Management’s products or services. Past performance is not indicative of future results. It should not be construed as investment advice or relied upon in making an investment decision. Products and services of SIA Wealth Management are only offered in jurisdictions where they may be lawfully offered for sale. The information contained in this Website does not constitute an offer or solicitation by anyone to buy or sell any investment fund or other product, service or information to anyone in any jurisdiction in which an offer or solicitation is not authorized or cannot be legally made or to any person to whom it is unlawful to make an offer of solicitation. All products and services are subject to the terms of each and every applicable agreement. It is important to note that not all products, services and information are available in all jurisdictions outside Canada.

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. SIA Wealth Management Inc. 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.