Steady Markets Await Wednesday’s Interest Rate Decisions

Consolidating Friday’s gains, US index futures are trading flat to up 0.3% this morning. Overseas, the FTSE is steady, the Nikkei is up 0.2%, and the DAX is up 0.3%.

China sensitive markets are struggling today. Overnight, China reported a larger than expected trade surplus ($111B vs Street $100B), boosted by higher exports. Import growth, however, was less than expected (1.9% vs Street 2.8%) which has been dragging on commodities. Crude Oil is down 1.0%, while Copper is down 0.3%. The Hang Seng fell 1.2% overnight.

The main events investors have been waiting for this week are the Bank of Canada and Federal Reserve Board meetings being held on Wednesday. Currently, the Street is expecting the Fed to announce another 0.25% interest rate cut and for Canada to hold steady. Any hints on what central bankers are thinking for 2026 could attract significant attention from investors. The Loonie rallied Friday on strong Canada job numbers and is quiet today, as is the greenback generally. Gold is down 0.2%.

There are a few earnings reports of note this week from technology companies and retailers. Headliners include Broadcom*, Oracle and Costco in the US, plus lululemon, Dollarama and Empire in Canada.

*Shares of Broadcom are currently held in portfolios managed by SIA Wealth Management.

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