Morning Minutes

Markets Prepare For Inflation and Earnings Reports Later This Week




Downward momentum from yesterday’s selloff that saw US indices decline 0.3% to 1.0% has continued through overnight trading and into this morning. Asia Pacific markets plunged with the Nikkei falling 2.6% and the Hang Seng dropping 2.3%. European markets are also in the red again today with the FTSE down 1.0% and the Dax down 0.9%. US index futures have clawed back overnight declines and are currently flat.  

Even amid more reports of cracks in the UK financial system, treasury yields are on the rise again in the US with the 10-year yield climbing back up above 3.9%. The US Dollar also is on the rise again today, gaining 0.4% against the Pound and Euro, while Gold and the Canadian Dollar are essentially flat. Commodities are mixed this morning. WTI crude oil is down 2.5% and back under $90.00/bbl as the OPEC+ effect from last week fades. Natural gas is up 1.0% while copper is down 0.5%.

As with yesterday, investors still appear to be digesting last Friday’s stronger than expected North American employment reports and the weekend escalation of hostilities in Ukraine while positioning for key US inflation reports and the start of earnings season later this week. Tomorrow brings US producer prices, followed by US consumer prices on Thursday and US retail sales on Friday.

Confession season remains relatively quiet, but earnings season kicks off on this week then ramps up over the next 2-3 weeks.  Notable reports include Pepsico tomorrow, Delta Airlines and Blackrock on Thursday, then Citigroup, JPMorgan Chase, Wells Fargo and UnitedHealth on Friday.

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Colin Cieszynski, Chief Market Strategist

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

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