Morning Minutes

Focus Turns To Consumer Spending




US markets have partially reversed some of yesterday’s action overnight. NASDAQ futures are up 0.4%, clawing back some of yesterday’s big 2.0% drop, while Dow Futures are flat after climbing 0.5% yesterday to continue a nine-day winning streak. European markets are mixed this morning with the Dax down 0.6% and the FTSE up 0.2%.

In commodity/currency action, energy contracts are climbing with WTI Crude Oil up 1.1% and Natural Gas up 0.2%. Metals, on the other hand, are sliding this morning with Copper down 0.4% and Gold down 0.2% in what appears to be a correction of recent gains.

Investor attention has turned to consumer spending in several countries this morning. In the United States, credit card companies have started reporting results overnight with American Express ($2.89 vs street $2.81) and Capital One ($3.52 vs street $3.26) handily beating expectations.

Retail sales reports are out this morning from Canada (0.2% vs street 0.5% and previous 1.1%), which grew less than expected, and the UK (-1.0% vs street -1.5% and previous -2.3%), which was not as bad as feared.

Canadian new house prices (-0.7% vs previous -0.6%), continue to decline from a year ago, suggesting rising interest rates are increasingly having an impact on inflation and the housing market. On Monday Flash Manufacturing and Service PMI reports from around the world are due which may provide an initial snapshot into July economic conditions.  

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Colin Cieszynski, Chief Market Strategist

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

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