Equity markets around the world are off to a positive start this week. Building on Friday’s 1.0% gain for the NASDAQ, US index futures are up 0.2%-0.3% this morning. Overseas, the FTSE and Nikkei are up 0.5%, while the Dax and Hang Seng up 0.2%. In commodity action, WTI crude oil has dropped back under $80.00/bbl and fallen 1.4% on continuing speculation that the US may need to tap into its Strategic Petroleum Reserve in a bid to add supply into the market and keep a lid on energy prices heading into the winter.
Investors have responded positively to overnight economic numbers out of China where retail sales (4.9% vs street 3.5%) and industrial production (3.5% vs street 3.0%) beat expectations. China remains in the spotlight with President Xi holding a virtual summit with US President Biden as the two sides look to reduce friction over trade, tariffs, Taiwan and transportation (particularly supply chain problems).
Retail sales remains in focus through this week with Black Friday, the busiest shopping day of the year in the US less than two weeks away, and the monthly US retail sales report due on Wednesday. US retailer earnings season kicks off this week starting with results from Walmart and Home Depot tomorrow. Canadian grocers also report results this week.
SIA Wealth New Video Launch and Market Outlook Webinar Tuesday November 16th, 2:00 pm EDT
Please join us on Tuesday, November 16 @ 12pm MT / 2pm ET for our Market Outlook Webinar with Colin Cieszynski, Chief Market Strategist. We will be answering the Top 5 most asked questions by advisors over the past month.
A premiere of our newest video will be shown – Competition – on how our ranking system utilizes relative strength to compete in the markets.
The link to register for the webinar:
After registering, you will receive a confirmation email containing information about joining the webinar. A replay will be available and sent to all registrants after the webinar.