Morning Minutes

A Positive Start to a Big Week for Business News

Tiff Macklem, Dean, Rotman School of Management, speaks during the Machine Learning and the Market for Intelligence conference held by the Creative Destruction Lab at the Rotman School of Management in Toronto, ON on Wednesday October 25, 2017. (Laura Pedersen Photo)
Tiff Macklem, Dean, Rotman School of Management, speaks during the Machine Learning and the Market for Intelligence conference held by the Creative Destruction Lab at the Rotman School of Management in Toronto, ON on Wednesday October 25, 2017. (Laura Pedersen Photo)

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US index futures are up 0.5%-0.7% to start the trading week, while in Europe, the FTSE and the Dax are both up about 0.6%. Metals are rallying with Copper up 1.2% and Gold still holding above $2,000/oz with a 0.3% gain. Energy prices are falling this morning with US Crude Oil down 1.8% and Natural Gas down 3.8%.

Investors appear to be looking ahead to Wednesday’s Fed decision where the US central bank is expected to hold the Fed Funds rate steady but continue its hawkish rhetoric on inflation and to leave the door open to future rate hikes if needed. Bank of Canada Governor Macklem speaks today which may give an indication of how North American central bankers are thinking these days.

With the arrival of November on Wednesday, it’s shaping up to be a busy week for economic news. Tomorrow brings Chinese PMI reports followed by Manufacturing PMI surveys from around the world plus US ADP payrolls and US Construction Spending on Wednesday. Friday caps off the week with US Nonfarm payrolls, Canada jobs and Service PMI reports.

In earnings news today, benefitting from a busy travel summer, Air Canada’s EPS crushed street expectations ($3.41 vs street $2.23). Stateside, McDonalds beat the street ($3.19 vs street $3.00, up 2.5% premarket). Mall owner Simon Property, and Pinterest headline results after the close today.

The peak of earnings season continues this week on both sides of the border. Thursday is a particularly big day with Shopify reporting before the open and Apple reporting after the close. A number of other big cap stocks are set to report across a number of sectors including Energy (ConocoPhillips and Canadian Natural Resources), Drugs (Eli Lilly and Pfizer), Industrials (Caterpillar and Magna), Travel (Booking Holdings and AirBnB), Technology (AMD and Qualcomm), Telecom (BCE and Telus) and Mining (Barrick Gold and Cameco).

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Colin Cieszynski, Chief Market Strategist

Colin Cieszynski, CFA, CMT
Chief Market Strategist
ccieszynski@siawm.com
+1 (647) 282-4428

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