ECB Goes One and Done as NASDAQ Tries to Pick Up The Pieces

The European Central Bank held its benchmark interest rate steady this morning, pausing its monetary easing program after one rate cut. President Lagarde indicated that inflation remains elevated and because of this it is now waiting on more data before deciding on what to do next. With the Bank of Canada and the Fed Open […]

NASDAQ Futures Come Under Pressure

Followers of the Morning Minutes may recall that one of the big themes of trading in the spring was market gains becoming concentrated in a small number of (mainly technology) stocks at the expense of other sectors. As we move further into July, the pendulum appears to be swinging back the other way. Yesterday, for […]

Oil Retreats as Traders Digest Housing, Retail and Inflation Numbers

We are continuing to see a significant and growing divergence in performance between US and overseas markets. Adding to Monday’s US index gains of 0.4%-0.5% gains, US index futures are all up about 0.2%. Adding to Monday’s losses, the Hang Seng is down 1.6% while the FTSE and Dax are both down about 0.5%. Yesterday’s […]

Mixed Markets Reflect on Trump, China and Earnings News

US index futures are all up about 0.5% to start the trading week as investors consider what the failed assassination attempt on former US President Trump over the weekend could mean for the November Presidential Election result and the prospects of political unrest between now, then and beyond. The Republicans are holding their National Convention […]

Mixed Markets Digest Election Results and Await Earnings Reports

The Morning Minutes will not be published the rest of this week, they should return on Monday July 15th. Asia Pacific stocks sold off to start the trading week, with Hong Kong down 1.5%, Shanghai down 0.9% and Tokyo down 0.3%. Concerns about China’s economy have spilled over into commodity markets where US Crude Oil […]

Bitcoin Gets Hammered Again, Canada Jobs Disappoint

US markets return to trading today with index futures up 0.2% across the board. Stocks had been drifting downward but have rallied following a mixed US employment report. Headline job growth of 206K beat the street by 16K but traders have decided to ignore that the previous month was revised down 54K. Wage inflation, in […]

Bitcoin Breaks Down, Overseas Stocks Climb, Nonfarm Payrolls Preview

Ahead of today’s US holiday, the S&P 500 and NASDAQ rallied to new all-time highs in a shortened session Wednesday. Overnight and into this morning, that positive momentum has carried through overseas markets with Tokyo gaining 0.9%, Sydney rallying 1.2%, Frankfurt climbing 0.3% and Paris bouncing 0.8%. While equity investors enter the US holiday in […]

Tech Stocks Try To Bounce, Europe Remains Under Pressure

SIA Wealth Morning Minutes will not be issued for the rest of this week, it will return on Tuesday, July 2nd. NASDAQ futures are trying to bounce back this morning with a 0.4% gain clawing back some of yesterday’s 1.0% NASDAQ loss which was driven by a significant correction in several of the large-cap technology […]

Markets are Mixed as the Political Calendar Heats Up

The last trading week of June, the second quarter, and the first half of the year is off to a mixed start, indicating investor indecision on whether to continue the current bull market. US index futures are split between a 0.2% gain for Dow futures and a 0.2% loss for NASDAQ futures. Overseas, Asia Pacific […]

Mixed Survey and Retail Sales Data Drag on Markets

Flash manufacturing and service reports from around the world have been rolling out overnight. The general tone so far has been disappointing particularly in Australia where flash Manufacturing PMI remained under 50 in contraction territory (47.5 vs street 50.6). The main bright spot today has been the UK where retail sales (2.9% vs street 1.5%) […]