Oil and Metals Rally as Markets Assess Inflation Data

US producer prices for January suggest inflation pressures may be building, as both headline PPI (2.9% vs Street 2.6%) and core PPI (3.6% vs Street 3.0%) came in above expectations.

Metals are surging this morning. Platinum is up 7.7%, while Silver is up 4.3%, Copper is up 2.1%, and Gold is up 1.0%. While hard assets are catching a bid, digital assets are under pressure, with Bitcoin down 2.3% and Ether down 3.6%.

Stock market action is mixed. US index futures are lower again, with Dow futures down 1.0% and NASDAQ futures down 0.8%. In Europe, the DAX is steady, while the FTSE is up 0.4%.

As talks between the US and Iran continue, Crude Oil is rallying, up 3.4% and trading near $67.50/bbl for the first time since July. Natural Gas is up 2.0% ahead of a cold weekend in some regions.

The Loonie, along with other major currencies, is steady this morning despite a disappointing Canada Q4 GDP report (-0.6% vs Street 0.0% and previous 2.4%).

More US economic data are due later this morning, including Chicago PMI at 9:45 am EST and catch-up US construction spending numbers at 10:00 am.

Share:

Read More:

Terms and Conditions:


This information is for Investment Advisors only. The website is for informational purposes only and is not intended to provide a complete description of SIA Wealth Management’s products or services. Past performance is not indicative of future results. It should not be construed as investment advice or relied upon in making an investment decision. Products and services of SIA Wealth Management are only offered in jurisdictions where they may be lawfully offered for sale. The information contained in this Website does not constitute an offer or solicitation by anyone to buy or sell any investment fund or other product, service or information to anyone in any jurisdiction in which an offer or solicitation is not authorized or cannot be legally made or to any person to whom it is unlawful to make an offer of solicitation. All products and services are subject to the terms of each and every applicable agreement. It is important to note that not all products, services and information are available in all jurisdictions outside Canada.

SIA Wealth Management Inc. (SIAWM) specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investor’s investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, Advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIA Wealth Management Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.