Earnings Strength Lifts Markets

Stock markets are climbing this morning as investors respond positively to corporate earnings reports and signs of a robust global economy.

NASDAQ futures are up 1.3%, boosted by Intel and other technology stocks, while Dow Futures are steady. In Asia, the Nikkei fell 0.8% while the Hang Seng gained 0.2%. In Europe, the DAX is up 0.2% while the FTSE is down 0.3%.

Economic reports released Thursday also added to the constructive tone, with US flash manufacturing and services reports coming in stronger than expected. In the UK, retail sales for March beat expectations (1.7% vs Street 1.3%). Canada retail sales for February are due this morning, with the Street looking for a 0.9% increase.

Earnings have also been a key driver of sentiment. Intel is up 27.5% premarket after beating Street expectations on earnings ($0.29 vs Street $0.01) and Sales ($13.5B vs Street $12.4B), with growth coming from data centres. Procter & Gamble is up 3.2% premarket after also beating expectations on earnings ($1.63 vs Street $1.56) and Sales ($21.2B vs Street $20.5B).

In Commodities, Crude Oil is down 0.9%, trading near $95.00/bbl, Gasoline is down 1.2%, Gold is flat, Copper is down 1.0%, and Silver is up 0.6%. In currencies, the USD is falling today, while the Euro is up 0.3% and the Loonie is up 0.1%.

Looking ahead, US-Iran peace talks may resume soon, which could remain an important macro catalyst for Energy, Commodities, and broader risk sentiment.

Shares of Intel are held in some portfolios managed by SIA Wealth Management.

Announcement: Morning Minutes will be taking a brief hiatus over the coming weeks as Colin Cieszynski takes some well-earned time off. Regular publication is expected to resume on Wednesday, May 20.

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