Equities Rebound As Earnings Season Expands

Equity markets have resumed their upward march this morning to kick off the new trading week. The Hang Seng jumped 2.4% with Shanghai climbing 0.6% and Tokyo gaining 1.6%. In Europe today, the DAX is up 1.2% and the FTSE is up 0.4%. US index futures are up 0.2% to 0.4% building on Friday’s afternoon rebound. 

Metals are also gaining ground today with Gold up 2.3%, Silver up 2.1% and Copper up 0.4%. Energy contracts are mixed with Crude Oil down 0.7% and Natural Gas up 6.5%. 

Investors have taken economic reports out of China positively, including an in-line GDP report at 4.8% over year, plus better than expected retail sales (3.0% vs Street 2.9%) and industrial production data (6.5% vs Street 5.0%). Notable economic reports for the rest of this week include Canada and UK inflation and retail sales, US housing starts, and flash PMI reports.

Earnings season ramps up this week with focus broadening from Financials to senior Industrials, Communications, and Technology companies. Headliners include Netflix* and GE Aerospace* on Tuesday, Tesla* and IBM on Wednesday, Intel* and Blackstone Thursday, and Procter & Gamble on Friday.

*Shares of Netflix, GE Aerospace, Tesla and Intel are held in portfolios managed by SIA Wealth Management.

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