Morning Minutes

March Winds Down With Commodities In Retreat




March appears to be going out like a lion in commodity markets, particularly energy contracts where WTI crude oi lis down 6.2%, Brent crude is down 5.6%, gasoline is down 4.2% and natural gas is down 1.8%. There haven’t been any new developments in Ukraine overnight but reports in the media suggesting President Biden may be preparing to release oil from US strategic reserves to cool the market have been making the rounds. These rumours come as OPEC+ made no changes to production beyond its usual 400,000 bbl/d monthly increase continuing its production restoration program as is.

March appears to be going out like a lamb in equity markets. US index futures are trading between flat to a gain of 0.3% for NASDAQ futures.  Over in Europe, the FTSE and Dax are down 0.2%-0.3%. Cryptocurrencies are picking up as well, indicating improving sentiment, with Bitcoin up 1.0% and Ethereum up 1.5%.

Inflation fears appear to be easing a bit today as the US 10-year treasury note yield continues to slide back toward 2.30%. In addition to this week’s energy price declines, today’s US monthly core PCE inflation report (one of the Fed’s favourite measures), did not increase quite as much as feared (6.4% vs street 6.7% and previous 6.0%).  

Monthly PMI reports out of China suggest that recent COVID lockdowns may be having a negative impact on the economy with both Manufacturing (49.5 vs street 49.9 and previous 50.2) and Service (48.4 vs street 53.2 and previous 51.6) PMIs for March falling back under 50 into contraction territory. The US Chicago PMI report is due at 9:45 am EDT (street 57.0 vs previous 56.3) followed by Manufacturing PMI reports from around the world and US nonfarm payrolls tomorrow morning.

SIA Wealth In The Media:

Chief Market Strategist Colin Cieszynski appeared on BNN Bloomberg today where he discussed volatility in current market trends, tactical rotation, risk management, and relative strength.

Investors should be tactical in this market: Colin Cieszynski

Subscribe to the Morning Minutes:

Today's earnings reports and market activity, delivered right to your inbox.

Colin Cieszynski, Chief Market Strategist

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

Read More

Legal and Regulatory Disclosures

Terms and Conditions:
This information is for Investment Advisors only. The website is for informational purposes only and is not intended to provide a complete description of SIA Wealth Management’s products or services. Past performance is not indicative of future results. It should not be construed as investment advice or relied upon in making an investment decision. Products and services of SIA Wealth Management are only offered in jurisdictions where they may be lawfully offered for sale. The information contained in this Website does not constitute an offer or solicitation by anyone to buy or sell any investment fund or other product, service or information to anyone in any jurisdiction in which an offer or solicitation is not authorized or cannot be legally made or to any person to whom it is unlawful to make an offer of solicitation. All products and services are subject to the terms of each and every applicable agreement. It is important to note that not all products, services and information are available in all jurisdictions outside Canada.

SIA Wealth Management Inc. (SIAWM) specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investor’s investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, Advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIA Wealth Management Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.