Morning Minutes

Investors Return to a Big Week for Economic News




2023 is off to a positive start so far for equity markets. Overseas, the Hang Seng rallied 1.8% while in Europe, the FTSE is up 1.2% and the Dax is up 0.7%. US index futures contracts are currently up 0.5%-0.8%. The US Dollar is soaring this morning with gains of 1.1% against the Euro, 0.6% against the Pound, 1.4% against the Australian Dollar and 0.7% against the Canadian Dollar.

Gold is having a good day, up 0.9% against the greenback while Silver is up 2.0%. Energy markets are having a rough day, Natural Gas is down 9.6% as warm temperatures in some areas reduce winter heating demand, while WTI Crude Oil has dropped back under $80.00/bbl with a 1.1% decline.

Mixed Manufacturing PMI reports have been rolling out over the weekend. Overall, reports so far have been coming in the 45-50 range, indicative of a mild contraction, but for the most part have been exceeding expectations. Numbers out of China were the most disappointing, particularly on the service side, while Australia was particularly strong. Canadian Manufacturing PMI is due at 9:30 am EST (street 49.2), US S&P Global Manufacturing PMI is due at 9:45 am EST (street 46.2), and US construction spending (street -0.4%) follows at 10:00 am EST.

US ISM Manufacturing PMI comes out tomorrow, along with minutes from the last FOMC meeting and Service PMI reports from Europe. Thursday brings ADP payrolls and North American trade figures heading into Friday’s big US nonfarm payrolls and Canadian employment reports.

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Colin Cieszynski, Chief Market Strategist

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

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