Nikkei Rallies on Japanese Election Landslide

The new trading week has commenced with the US Dollar retreating, enabling most other currencies to rebound. Gold is up 1.2%, and Silver is up 4.0%. The Loonie, Euro, Yen, and Pound are all higher by 0.5% to 0.7%.

Japanese Prime Minister Takaichi’s LDP party recorded a decisive victory in yesterday’s Japanese parliamentary election, winning 316 out of 465 Lower House seats. The Nikkei surged 3.9% on the news.

The US government continues to catch up on economic data releases this week. Retail sales tomorrow, Nonfarm Payrolls on Wednesday, and Consumer Prices on Friday may attract particular attention from investors. Today, four Fed officials are scheduled to speak.

Earnings season continues this week with a focus on consumer products and industrials in the US and insurance companies in Canada. US headliners include DuPont, Ford Motor, and Coca-Cola on Tuesday, and McDonald’s on Wednesday. In Canada, Shopify, Manulife Financial, Sun Life, and Great-West Lifeco report on Wednesday, followed by Brookfield, Air Canada, Fairfax Financial, Telus, Bombardier*, and Agnico-Eagle* on Thursday. Enbridge, Cameco, Magna, and TC Energy wrap up the week on Friday.

US index futures are flat to down 0.2%. European markets are mixed, with the DAX up 0.5% and the FTSE down 0.1%. Cryptocurrencies are back under pressure this morning, with Bitcoin slipping below $70,000 and down 2.5%. Crude Oil and Copper are quiet, while Natural Gas is down 6.7% as temperatures rebound in consuming regions following a frigid weekend.

*Shares of Bombardier and Agnico-Eagle are held in some portfolios managed by SIA Wealth Management.

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