US traders return from their long weekend today to find equities down slightly and commodity action mixed. US index futures are all down about 0.2%, while in Europe, the Dax is flat and the FTSE is down 0.3%. The US 10-year treasury note yield has crept up to 3.55%, and the US Dollar is gaining ground, up 0.4% against Gold.

Commodity market action is mixed. Energy contracts are on the rise with WTI Crude Oil up 0.75% and back above $80.00/bbl, while Natural Gas is soaring 9.75% on forecasts of falling temperatures in some regions. Metals are in the red, however, with copper down 1.4%. Overnight, China reported better than expected Q4 GDP (2.9% vs street 1.8%), retail sales (-1.8% vs street -7.8%), and industrial production (1.3% vs street 0.5%).

Earnings season resumes this morning with mixed results. Morgan Stanley beat expectations ($1.31 vs street $1.25, up 1.0% premarket) boosted by its Wealth Management division. Goldman Sachs fell short of expectations ($3.32 vs street $5.48, down 1.7% premarket), due to a drop off in its investment banking business. Results from United Airlines are due after the close today.

Canada Housing Starts were worse than expected in December (249K vs street 259K).  Canadian Consumer Prices (6.3% in line vs previous 6.8%) indicated inflation pressures continue to ease as expected. Core Canadian CPI, excluding food and energy, was significantly better than expected (5.4% vs street 6.1% and previous 5.8%). Over in Europe, UK average earnings continued to increase (6.4% vs previous 6.1%), indicating that wage inflation remains problematic.

Subscribe to the Morning Minutes:

Today's earnings reports and market activity, delivered right to your inbox.

Colin Cieszynski, Chief Market Strategist

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

Read More

Legal and Regulatory Disclosures

Terms and Conditions:
This information is for Investment Advisors only. The website is for informational purposes only and is not intended to provide a complete description of SIA Wealth Management’s products or services. Past performance is not indicative of future results. It should not be construed as investment advice or relied upon in making an investment decision. Products and services of SIA Wealth Management are only offered in jurisdictions where they may be lawfully offered for sale. The information contained in this Website does not constitute an offer or solicitation by anyone to buy or sell any investment fund or other product, service or information to anyone in any jurisdiction in which an offer or solicitation is not authorized or cannot be legally made or to any person to whom it is unlawful to make an offer of solicitation. All products and services are subject to the terms of each and every applicable agreement. It is important to note that not all products, services and information are available in all jurisdictions outside Canada.

SIA Wealth Management Inc. (SIAWM) specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investor’s investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, Advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIA Wealth Management Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.