Morning Minutes

Mixed Markets Await Central Bank Decisions and Economic Data




Investors in equity and commodity markets have responded quite differently to a quiet weekend and morning for business news. Equity markets are up this morning with US index futures rising 0.1% to 0.4%, while over in Europe, the Dax is up 0.7% and the FTSE is up 0.1%. Commodities, on the other hand, are under pressure today with WTI Crude Oil breaking down below $70.00/bbl and falling 2.4%, while Copper is 0.6%.

Investors appear to have their attention squarely focused on this week’s central bank meetings. The US Federal Reserve Board is widely expected to pause its interest rate hike program on Wednesday, even though both the Bank of Canada and the Reserve Bank of Australia raised their benchmark interest rates last week. The European Central Bank, still in catchup mode, is widely expected to announce another 0.25% interest rate increase on Thursday.

The US dominates this week’s economic calendar which is headlined by Consumer Prices Tuesday, Producer Prices Wednesday, and Retail Sales on Thursday. The most notable earnings report is Oracle*, which is due after the close this afternoon, homebuilder Lennar on Wednesday, and Adobe Systems on Thursday.

* Shares of Oracle Corp. are held in portfolios managed by SIA Wealth Management

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Colin Cieszynski, Chief Market Strategist

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

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