Morning Minutes

Flash PMI and Earnings In Focus



The last day of a bumpy week for world markets finds US index futures all up about 0.4% building on Thursday’s rebounds of 0.5% for the Dow to 1.8% for the NASDAQ. In Europe today, the Dax is up 0.4% while the FTSE is flat. Cryptocurrency trading suggests investor confidence remains unsettled with Bitcoin up 2.2% and Ethereum down 3.3%. Commodities are also mixed with WTI crude oil up 1.8% and copper down 0.6%.

Flash PMI reports, the first peek at economic conditions around the world in May, are out this morning and results from overseas have been positive. Japan flash manufacturing PMI was a bit soft but still above 50 (52.5 vs street 53.8), while results out of Europe have been more positive with Eurozone manufacturing (62.8 vs street 62.5) and Eurozone services (55.1 vs street 52.3) both beating expectations along with UK manufacturing (66.1 vs street 60.0). US flash manufacturing (street 60.2 vs previous 60.5) and service (street 64.5 vs previous 64.7) PMI numbers are due at 9:45 am today.

Canadian retail sales came in significantly stronger than expected for March (3.6% vs street 2.3%) and appear to be helping keep the wind in the Canadian Dollar’s sails. US existing home sales are due at 10:00 am EDT today (street 2.0%).

It’s also a busy morning for earnings reports from the retailing and technology sectors in the US. Highlights include: Foot Locker ($1.96 vs street $1.09), Deere ($5.68 vs street $4.52), Applied Materials ($1.63 vs street $1.51), and Palo Alto Networks ($1.38 vs street $1.28).

In other reopening related news, Carnival Cruise Lines announced plans to restart Alaska cruises this summer, and both Japan and South Korea announced approvals for the use of the Moderna and AstraZeneca COVID vaccines in their countries.

New Video: SIA Wealth May Webinar Replay

A replay of this week’s SIA Wealth webinar which included an update on SIA Wealth managed portfolios with Portfolio Manager Paul Vendrinsky, and market insights from SIA Wealth Founder and CEO Jeremy Fehr is now available.

YouTube Version:

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Colin Cieszynski, Chief Market Strategist

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

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