Morning Minutes

Markets Rebound to Start a Big Week for Housing and Retailer News




A weekend without any bad business news (no regional bank blowups, US debt ceiling talks didn’t go off the rails) appears to have encouraged bulls and bargain hunters to dip their toes back into the water to start the week.

US index futures are up 0.2%-0.5%, with major European indices staging similar gains. Commodities are also strong with WTI Crude Oil up 1.0%, Natural Gas up 2.0%, and Copper up 1.0%. Cryptocurrencies are climbing as well with Bitcoin up 1.8% and Ethereum up 1.6%. Gold is down slightly but still holding above $2,000/oz.

The main focus of business news this week is on the retailing sector. Monthly retail sales reports for the US and China are due tomorrow. It’s also the first week of US retailer earnings, headlined by Home Depot on Tuesday and Walmart on Thursday. Other economic reports due this week include Canadian inflation tomorrow, and North American housing related numbers through the week.

As for today, Canada housing starts came in well above expectations (261K vs street 224K). The Empire State Manufacturing Survey (-31.8 vs street -2.5 and previous 10.8), on the other hand, came in well below expectations.

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Colin Cieszynski, Chief Market Strategist

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

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