Crude Oil Rebounds; Earnings Season Resumes
US index futures are trading flat to down 0.3% this morning, essentially consolidating yesterday’s gains of 0.25% to 0.6%. In European action, London, Paris and Frankfurt are flat to up 0.2%. The US 10-year treasury note yield continues to creep upward, clearing 4.30%. The US Dollar is steady to up 0.25% against the other majors. […]
Oil Plunges as Political Risk Premium Evaporates
The new trading week has kicked off with a major selloff in the price of oil. Over the weekend, Israel elected not to hit Iranian energy production or distribution facilities in its latest military response and as such some of the political risk premium that had been built in has quickly been removed. Precious metals […]
Stocks Climb, Metals Retreat Into the Weekend
It has been a constructive morning so far for North American stocks. US index futures are up 0.2% to 0.4%, while TSX futures are up marginally. The US 10-year treasury note yield has stabilized near 4.20%. Trading is quiet in Europe this morning, the FTSE is flat while the Dax is up 0.1%. Nothing notable […]
Stocks Slide as Yields Rise; Bank of Canada Meets Today
We are getting mixed signals from the bond market today. The US 10-year treasury note yield continues to climb, and is approaching 4.25%, suggesting that traders are expecting a slower pace of interest rate cuts from the Fed than previously thought. Meanwhile, the Bank of Canada is expected to announce a 0.50% interest rate cut […]
Strong China Data and Earnings Spark Rallies In Stocks and Metals
Investors have responded positively to Chinese economic reports released overnight which included Q3 GDP (4.6% vs street 4.5%), retail sales (3.2% vs street 2.5%), and industrial production (5.4% vs street 4.6%). UK retail sales also beat expectations (3.9% vs street 3.2%). US housing starts came in slightly above the street consensus. Both the US and […]
Index Futures Climb on Positive US Economic Reports
Building on yesterday’s gains of 0.3%-0.8% for US indices, US index futures are up 0.2% to 0.8% this morning with NASDAQ futures playing catch up. The US 10-year treasury note yield is holding near 4.05%. Overseas, China markets struggled overnight with Hong Kong and Shanghai both falling 1.0%. Chinese Q3 GDP, retail sales and industrial […]
Gold Rallies As World Markets Consolidate and Earnings Roll Out
US index futures this morning, and Chinese markets overnight have been stabilizing following yesterday’s selloffs. Major US indices lost 0.75%-1.00% yesterday with the NASDAQ leading the way lower as sentiment soured toward the semiconductor sector. Trading action in Europe today is mixed. The FTSE is up 0.75% and the Pound is down 0.3% as weaker […]
Weak China Trade Numbers Crush Commodities
Overnight China reported a worse than expected trade surplus ($81.7B vs street $89.8B) due to lower than expected import (0.3% vs street 0.9%) and export (2.4% vs street 6.0%) growth. This news has sent shockwaves through world markets, once again increasing concerns about the health of its economy and the prospects for resource demand. To […]
US Earnings and Canada Jobs Come In Strong
US index futures are hovering around flat heading into a full long weekend for Canada and a partial long weekend for the US (banks closed, equities open Monday). Overseas, Shanghai fell 2.5%, but other major Asia Pacific and European markets have been essentially flat. The US 10-year treasury note yield is steady just below 4.10%. […]
China Selloff Continues, US Consolidates Gains
China-sensitive markets continued their retreat overnight and into this morning. Shanghai fell 6.6% while Hong Kong fell another 1.4%. Copper remains under pressure falling another 1.0%. Crude Oil was soft overnight but has been bouncing back this morning. In addition to China, energy prices continue to be impacted by forces outside of demand including the […]