Stocks Rebound In The Wake Of Mixed Economic Data

Clawing back most of yesterday’s US index losses of 1.25%-1.50%, US index futures are up 0.6%-1.0% this morning. Major European indices are down across the board with the Dax, CAC, FTSE and MIB falling 0.4%-0.6%.

Commodity action is mixed this morning. Natural Gas is up 1.4% ahead of the weekly storage report due at 10:30 am EST (street -80 BCF). Crude Oil is down 1.0% following yesterday’s surprise weekly US inventory build. Copper is down 0.1%. In currency action, Gold is steady, while Bitcoin is up 1.0%. The Aussie Dollar and Yen are leading the majors with gains of 0.5% each, while the Euro is up 0.3%. The Loonie is up 0.1% along with Cable.

Canadian retail sales (0.7% vs street 0.8% and previous 0.5%) increased slightly less than expected. Weekly US jobless claims were better than expected (205K vs street 215K). US Q3 GDP was revised downward (4.9% vs previous 5.2%). The Philadelphia Fed Manufacturing Survey worsened more than feared (-10.5 vs street -3.0 and previous -5.9).

After the close today, Nike releases the last notable earnings report of the year. Tomorrow the final big flurry of data is out including Canada monthly GDP, UK retail sales, and US Core PCE inflation, Durable Goods Orders, New Home Sales and Consumer Sentiment.

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