Steady Markets Await Year-End And Next Week’s Deluge Of Data

It’s the last trading day of the week, month, quarter, and year, and so far equity markets appear content to coast into year end. US Index futures are down marginally this morning after hovering around breakeven yesterday. Over in Europe, the Dax and FTSE are both up about 0.2%.  

Overall, it has been a strong December for US equities, with the major indices gaining 4-6% so far and the small cap Russell 2000 soaring 14.3%.  

Energy markets are mixed today following yesterday’s larger than expected drawdowns in US Crude Oil (-6.9 mmbbls vs street -2.7 mmbbls) and US Natural Gas (-87 BCF vs street -79 BCF) inventories. Crude Oil is up 0.4%, while Natural Gas is down 0.2%.

The US 10-year treasury note yield continues to creep upward between 3.80% and 3.90%. Metals are taking a hit today with Gold and Copper both down about 0.5% and Silver down 1.6%. Major paper currencies are quiet but cryptos are active with Bitcoin and Ethereum up 0.5%-0.9%.

The few economic numbers which have come out this week, Richmond Fed Manufacturing Index, Weekly Jobless Claims and Pending Home Sales have all come in worse than expected. Today’s main announcement, the Chicago PMI (street 51.0 vs previous 55.8) due at 9:45 am EST, is also expected to indicate a softening economy.

Investors may get a better sense of the state of the global economy next week, when the New Year brings some investors back to work from the holidays and a ton of economic data including Manufacturing and Service PMI surveys from around the world, US ADP and Nonfarm Payrolls, Canada employment and US Construction Spending.

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.