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Markets Drift Ahead of Upcoming Meetings and Summits

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Action in stock markets around the world has been mixed overnight. The Nikkei, Hang Seng and Dow futures are all down slightly, the Dax is up slightly, and the FTSE plus NASDAQ futures are both up about 0.5%. Commodities are down again today with WTI crude oil falling 0.8% and copper sliding 0.5%. Cryptocurrencies are under pressure again with Bitcoin and Ethereum both down about 7.0%, in what could be investors retrenching, or an overnight worldwide drug bust that reportedly included seizures of both cryptocurrencies and traditional cash.

It is a pretty quiet day for economic, corporate and political news but could be the calm before the storm with a number of significant meetings scheduled over the next ten days. Tomorrow, the Bank of Canada holds a regular meeting, followed by the European Central Bank on Thursday. No changes to monetary policy are expected but investors may look to the statements for commentary on the state of their respective economies and the impact of lockdowns. The Bank of Canada may also be expected to comment on the country’s hot housing market.

A number of significant political meetings are coming up as well, including a new round of talks between the US and allies with Iran (which could impact the oil market if sanctions are eventually eased), the G-7 leaders summit this weekend, a NATO summit next Monday and US President Biden Meeting with Russian President Putin next Wednesday.

The main economic report this week, US consumer price inflation comes out on Thursday which could indicate to investors whether or how much pressure the Fed is under to start cutting back on monetary stimulus or if it has the room to let things run as happened with last Friday’s Goldilocks nonfarm payrolls report.  

Disclaimer: 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. SIAWM 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.

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At SIA Wealth Management everything we do is based on Relative Strength Analysis. We evaluate the Relative Strength between asset classes giving us insight into money flows on a large scale, and from this select top ranked investments.

Colin Cieszynski, Chief Market Strategist
Market Commentary:

Colin Cieszynski, CFA, CMT
Chief Market Strategist
ccieszynski@siawm.com
+1 (647) 282-4428

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