Stocks Rally to Start November

Building on Friday’s gains in North America, stock markets around the world have been rallying overnight and into this morning. Asia Pacific trading saw the Nikkei jump 2.1% and the Hang Seng climb 1.0%. In Europe this morning, the Dax is up 0.9% and the FTSE is up 0.1%. US index futures are flat to up 0.5% with NASDAQ futures the strongest.

Flash Manufacturing PMI reports have been rolling out overnight. China disappointed slightly but results from Europe have generally been better than expected. Canada (previous 47.7) is due at 9:30 am EST, followed by US ISM (Street 49.5) at 10:00 am.

There is a steady stream of economic announcements this week. Canada releases its Federal Budget on Tuesday and job numbers on Friday. The Reserve Bank of Australia and the Bank of England are both expected to stay the course on interest rates this week. US ADP payrolls and Service PMI reports come out on Wednesday. China trade numbers are due on Friday.

It’s peak week for big cap earnings in Canada. Headliners include Canadian Natural Resources today, Shopify* and Thomson Reuters tomorrow, Suncor Energy and Great West Lifeco on Wednesday, TC Energy and Fairfax Financial on Thursday, wrapping up with Enbridge and Constellation Software on Friday. US headliners include Palantir Technologies later today, Advanced Micro Devices* and Uber Technologies tomorrow, and McDonalds plus Qualcomm on Wednesday.

Precious metals are bouncing back a bit today with Gold and Silver up 0.8% and 0.6% respectively. In Commodity action, Copper is up 0.2%. Crude Oil is down 0.1% despite the news that OPEC+ has decided to put production increases on hold after December.

*Shares of Shopify and Advanced Micro Devices are held in some portfolios managed by SIA Wealth Management.

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