Morning Minutes

Equities Backslide Amid Mixed News




US index futures are in the red this morning, with the three main contracts each down about 0.4%, giving back yesterday’s US index gains of 0.1% to 0.6%. European markets are also down this morning with the FTSE and the Dax both sliding about 0.3%. Commodities are also in retreat today with copper falling 1.6% and WTI crude oil falling 1.1%.

Overnight news flow has been mixed. US weekly jobless claims came in much better than expected (184K vs street 215K), with continuing claims under 2 million for the second week in a row. Chinese inflation numbers were mixed with consumer prices increasing less than expected (2.3% vs previous 2.5%) and  producer prices increasing more than expected (12.9% vs street 12.6%).

Several retailers have released results overnight and this morning. Sobey’s parent Empire Co reported EPS of $0.66, up from $0.60 a year ago despite a 1.3% decrease in same store sales. In the US, Gamestop is down 5.3% premarket after reporting a wider loss per share from a year ago (-$1.39 vs street -$0.29) despite a 30% increase in sales over year to $1.30B.

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Colin Cieszynski, Chief Market Strategist

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

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