Markets Seek a Positive Finish as Commodities Climb

Group of fund manager analyzing big data for future investment

Stock markets are trying to finish a choppy week on a positive note. US index futures and most overseas markets are trading higher, while energy and metal prices continue to climb and the US Dollar weakens.

Stagflation concerns, elevated treasury yields and questions surrounding the future direction of interest rates may continue to influence sentiment heading into the Federal Reserve’s annual Jackson Hole conference next week. Fed Chair Warsh is scheduled to speak next Friday at 10:00 am EDT.

Overnight flash PMI reports were mixed. Manufacturing activity was generally in line with expectations, while services activity disappointed. Canadian retail sales rose 0.6% over the month, exceeding the Street’s 0.4% forecast but slowing from the previous 1.0% increase. The report adds to a growing series of data indicating strength in the Canadian economy. UK retail sales increased 1.6% over the year, below the Street’s 2.2% forecast.

NASDAQ futures are up 0.7%, while Dow futures are up 0.6%.

In Asia, the Nikkei declined 0.3%, while the Hang Seng gained 1.2%. In Europe, the DAX is up 0.3% and the FTSE is up 0.2%.

Crude Oil is up 0.4%, trading above $87.00/bbl, while Brent Crude has gained 0.5% and is trading above $94.00/bbl. Gasoline is up 2.0%, trading above $3.30/gallon. Gold has climbed 1.6% to trade near $4,650/oz, Copper is up 2.1% near $6.60/lb and Silver has advanced 2.0%.

The US 10-year treasury note yield is steady near 4.70%, while the 30-year treasury note yield is holding near 5.25%. The US Dollar index is down 0.3%. The Euro is steady, while the Loonie is up 0.3% and the Aussie has gained 0.7%.

Still to come, US flash Manufacturing PMI, with the Street expecting 53.9, and flash Services PMI, with the Street expecting 54.0, are due at 9:45 am EDT.

Following today’s edition, Morning Minutes will be going on summer hiatus and will return Monday, September 14.

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