Morning Minutes

Inflation Numbers, GE Breakup and Central Bank Speeches In Focus




US index futures are pretty much flat this morning trading between -0.2% for Dow futures and +0.1% for NASDAQ futures as markets consolidate yesterday’s new highs for major US indices. In Europe today, the Dax and the FTSE are also holding steady. Commodities are also on the rise again this morning with WTI crude oil up 0.5% and copper up 0.7%.

Investors appear to be waiting on economic news and comments from North American central bank leaders today. Bank of Canada Governor Macklem, Fed Chair Powell, Fed Vice Chair Williams, and two other FOMC members are speaking at various times between late morning and this evening. Investors may look to these speeches for updates on economic conditions, inflation pressures and hints on whether they are maintaining or plan to accelerate their current stimulus reduction programs.

Speaking of inflation, US producer prices came in slightly lower than expected (8.6% vs street 8.7) but it’s too early to say if inflation increases have paused or peaked. Inflation numbers for China come out tonight, followed by US consumer prices tomorrow.

On the corporate side, today’s biggest news is that conglomerate General Electric is planning to break itself up into three companies, keeping the aviation business in house while planning to spin off the health care business in 2023 and the electricity business in 2024. GE shares are up 8.3% in premarket trading.

SIA Wealth In The Media:

Chief Market Strategist appeared on BNN Bloomberg recently where he discussed Rogers Communications and gave a market preview for November including comments on earnings and seasonality.

Rogers has been underforming relative to other Canadian stocks since spring 2019: Colin Cieszynski

Investors coming into the market on the back of strong earnings is a sign of strength: Colin Cieszynski

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Colin Cieszynski, Chief Market Strategist

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

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