SIA Wealth Morning Minutes will not be issued the weeks of June 2nd or June 9th. They should return on Monday, June 16th.
The last trading day of May finds US index futures clawing back earlier losses. Following the release of benign Core PCE inflation data (2.5% as expected vs previous 2.7%) US index futures are down around 0.2%-0.3%, up from losses of around 0.4%-0.5% prior to the news.
The US 10-year treasury note yield is holding steady near 4.45%, but the US Dollar is falling again, down 0.1%-0.2% against the Loonie and Euro. Canada Q1 annualized GDP was reported better than expected today (2.2% vs street 1.7%), a sign of resilience during a period of political, economic, and trade uncertainty.
European trading finds the Dax up 0.5% and the FTSE up 0.4%. Gold is down 0.5% while Bitcoin is flat. Commodity action is mixed with Crude Oil down 0.8% and Copper up 0.5%.
Trade news remains perplexing. The decline in index futures can be attributed to a US appeals court overruling this week’s US trade court decision, enabling the White House to reinstate reciprocal tariffs. Meanwhile, US-China trade talks drag on.
US Chicago PMI is due at 9:45 am EDT this morning. Next week is active for economic news headlined by Nonfarm Payrolls, Canada employment and Manufacturing plus Service PMI data.