Morning Minutes

Commodities Crumble on Shanghai Shutdown

energy

Share:

Facebook
Twitter
LinkedIn
Email
Print

Concerns that growing lockdowns in China, most recently in Shanghai, could depress demand for resources appears to be weighing on commodity markets this morning. WTI and Brent Crude oil are down 5.5%-6.0%, while gasoline is down 4.9% and Natural Gas is down 0.9%. In metals action, Copper is down 0.5%, but precious metals are taking a bigger hit with Gold down 1.3%, Silver down 1.8% and Platinum down 2.2%.

European indices are up this morning amid press reports that Ukraine may be willing to accept neutrality in peace talks and with the US walking back comments about regime change in Russia made by President Biden over the weekend. The Dax is up 2.2% so far today, while the CAC is up 1.8% and the FTSE is up 0.8%. US index futures are all up 0.1%-0.3% today.

It’s the last week of the month, the quarter and also the fiscal year for many companies in the investment industry, so we could see some action this week as investors position for the spring and the next earnings season. Economic news picks up as the week progresses, headlined by the US budget proposal today (which reportedly may include new wealth taxes), US ADP payrolls on Wednesday, an OPEC+ meeting on Thursday and wrapping up with US nonfarm payrolls and manufacturing PMI reports from around the world on Friday. A few retailers report results this week, including Dollarama, lululemon and Walgreens.

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
ccieszynski@siawm.com
+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.

INTERNET EXPLORER NOTICE