Morning Minutes

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Bank of Canada



US equity markets remain under pressure today. NASDAQ futures are down 0.9% adding to yesterday’s 2.0% NASDAQ drop, while Dow futures are down 0.3% adding to yesterday’s 1.0% Dow decline.

Overnight, the Hang Seng dropped 3.2% after China reported a smaller than expected trade surplus ($69.4B vs street $78.1B) as exports and imports came in with worse than expected declines. In Europe this morning, the Dax is down 0.4% and the FTSE is flat.  

The Bank of Canada is widely expected to announce a 0.50% increase in its benchmark interest rate at 10:00 am EST today. Recent economic indicators have been coming in better than expected lately including yesterday’s trade surplus and Ivey PMI reports plus last Friday’s job growth report, all reinforcing the case for continued hawkishness at the central bank. Investors may look to the statement for comments on inflation, the economy, and the potential for changes to the pace of interest rate increases in future.  

Energy markets are active this morning with natural gas up 3.3% and WTI crude oil up 0.75% ahead of today’s US DOE weekly oil inventory report due at 10:30 am EDT. Metals and currency action has been relatively quiet with the Euro up 0.5%, Gold up 0.25% and Copper down 0.2%.  

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Colin Cieszynski, Chief Market Strategist

Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428

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