The US being closed for the Memorial Day has not stopped traders overseas from getting the week off to a strong start. Asia Pacific markets rallied overnight including gains of 1.1% for the Hang Seng and 0.7% for the Nikkei. In Europe this morning, the Dax is up 0.1% and the FTSE is down 0.2%.
Metals continue their rebound today with Copper up 0.8%, Silver up 1.8% and Gold up 0.5%. Energy trading is mixed with US Crude Oil up 0.6% but Natural Gas down 0.3%.
The last week of the month is relatively quiet for economic news. There are no central bank meetings, but there are a few notable data releases including Canada producer prices on Tuesday, the Fed’s Beige Book regional economic report Wednesday, a US GDP update Thursday and US Core PCE inflation plus Chicago PMI on Friday.
It’s Canadian bank earnings week with nearly all of the major banks reporting results. TD got things off to a strong start last Thursday beating the street on earnings and reporting strong results from its Canadian Banking and Capital Markets operations.