SIA Wealth Morning Minutes Banner

Commodities Climb with Oil Inventories, Flash PMI and Retail Sales In Focus

Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on facebook
Facebook
Share on email
Email

In the wake of yesterday’s record high close for the NASDAQ, the Hang Seng caught fire, climbing 1.8% overnight. This morning’s equity market action has been mixed with US index futures and the Nikkei all essentially flat, the FTSE gaining 0.3% and the Dax falling 0.4%.

Flash PMI reports, the first peek at world economic conditions in June have been rolling out and results have been a mixed bag so far. Several reports have disappointed, including Japan flash manufacturing PMI (51.5 vs street 52.3), France flash Service PMI (57.4 vs street 59.4). Germany’s results were better than expected particularly its flash manufacturing PMI (64.9 vs street 63.0). UK results were mixed, beating expectations for flash manufacturing PMI (59.2 vs street 58.8), but falling short on flash service PMI (61.7 vs street 62.8). US flash PMI reports are due at 9:45 am EDT today with the street expecting manufacturing to fall to 61.4 from 62.1 last month and for services to slip to 70.0 from 70,4 last month.

Commodities are climbing this morning with WTI Crude Oil, Brent Crude and Copper all up 1.0% so far today. API reported another big drawdown in weekly US oil inventories of 7.1 mmbbls. Weekly DOE US oil inventories are due at 10:30 am EDT today with the street expecting a drawdown of 3.6 mmbbls, down from last week’s 7.3 mmbbl drawdown.

Canadian retail sales for April indicate that the spring round of lockdowns had a significant impact on spending. Headline retail sales dropped 5.7% in April which was worse than investors had expected. Retail sales excluding autos were even worse, plunging 7.2% which was significantly worse than the 5.0% drop the street had anticipated.

SIA Wealth True Tacticaltm Investing Webinar Thursday June 24, 2:00 pm EDT

Join SIA Wealth Management for an introduction into what True Tacticaltm investing means, how capital rotates between markets, the benefits of relative strength analysis and how utilizing True Tacticaltm can benefit you and your clients.  Webinar audio will be available through computer VoIP or dial in using your phone.

Register at:  https://attendee.gotowebinar.com/register/2910028362724563470

Disclaimer: 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. SIAWM 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.

Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on facebook
Facebook
Share on email
Email

At SIA Wealth Management everything we do is based on Relative Strength Analysis. We evaluate the Relative Strength between asset classes giving us insight into money flows on a large scale, and from this select top ranked investments.

Colin Cieszynski, Chief Market Strategist
Market Commentary:

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

Keep Reading

INTERNET EXPLORER NOTICE