Morning Minutes

Equity Market Rebound Continues and Oil Prices Rally




Shrugging off US index declines of 0.1% to 0.4% from what was mostly a flat day of digestion on Tuesday, US index futures are up 0.75% to 0.90% today with NASDAQ futures leading the charge. Overseas markets rallied overnight with the Hang Seng soaring 2.0% while the FTSE and Dax are both up about 0.9%. In another sign of improving investor confidence, cryptocurrencies are rallying this morning with Bitcoin gaining 3.8% to trade back up above $28,000.

Crude Oil contracts are climbing 0.8% to 1.0% this morning with Brent Crude just below $80.00/bbl and WTI Crude just below $75.00/bbl. In addition to ongoing issues with supply from the Kurdish part of Iraq being taken out of the market, API reported a big drawdown in US oil inventories last week (-6.0mmbbls vs previous +3.2 mmbbls). DOE oil inventories are due at 10:30 am EDT today (street 0.1 mmbbls vs previous 1.1 mmbbls).

A few earnings reports from retailers continue to trickle out this week. Last night lululemon athletica beat expectations ($4.40 vs street $4.26). Today, results are due from Dollarama, Constellation Software and Yamana Gold. The economic calendar is light, headlined by US pending home sales later this morning.  

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Colin Cieszynski, Chief Market Strategist

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

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