Morning Minutes

Economic Numbers In Focus As September Wraps Up




The last day of trading for September and for the third quarter finds US index futures rebounding 0.3%-0.5%, but still struggling to claw back all of the losses sustained earlier this week. It remains to be seen if indices can hold onto these gains through the day after yesterday’s early rally faded as the day progressed.

News that US politicians may be able to kick the can down the road appears to be helping sentiment so far. Last night, US Senators passed a spending bill to avoid an otherwise imminent government shutdown, funding operations to early December and including emergency spending for hurricane relief and resettling Afghan refugees. In Canada, the federal government and federally regulated industries like banks are closed for the first National Truth and Reconciliation Day.  

There are a number of US economic reports out today. Q2 GDP was revised upward to 6.7% slightly above the 6.6% street estimate. Weekly initial jobless claims were worse than expected (362K vs street 335K and previous 351K). US Chicago PMI, a preview of tomorrow’s national numbers is due at 9:45 am (street 65.0 vs previous 66.8). Tomorrow brings manufacturing PMI reports from around the world, Canadian monthly GDP, plus US construction spending, personal income/spending, and auto sales.   

China reported mixed PMI numbers overnight. Manufacturing PMI fell below 50 into contraction territory and missed street expectations (49.6 vs street 50.1), while Non-Manufacturing PMI jumped back up over 50 into expansion territory and beat the street (53.2 vs street 52.7 and previous 47.5). Continuing the mixed market theme of the day, Hong Kong fell 0.3% while Shanghai gained 0.3% on the news. In Europe, the FTSE is up 0.2% while the Dax is down 0.2%.

Action across commodity and currency markets is also very mixed suggesting that investors are mainly squaring positions for the end of the quarter. Natural gas is up 5.0% while WTI crude oil is down 1.0% and copper is down 1.7%. Gold is up 0.2% while Bitcoin is bouncing 4.7%.

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.