Morning Minutes

Mixed Markets Await Russia and Economic Developments

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The Morning Minutes will not be issued tomorrow, they will return on Wednesday, June 29.

US index futures are in the green again this morning with gains of 0.3% to 0.6% as American stocks look to build on Friday’s index gains of 2.7% to 3.3%. Commodities are also bouncing back today with WTI crude oil up 0.5% and copper up 1.0% although they remain well short of recent trading levels. European trading action is also more mixed today with Germany and the UK up 0.6% but France down 0.2% and Italy down 0.6%.  

Currency action has taken a more defensive tone with Gold up 0.2% and Bitcoin down 0.2%. Overall, the mixed tone of today’s action suggests a bounce out of oversold/depressed conditions is underway but so far this appears to be more of a trading bounce within a bigger bear market than the start of a new bull trend.

Business news has been mixed this weekend. The G7 has been discussing a ban on buying gold from Russia as part of Ukraine sanctions, while there have been reports that Russia may have missed making certain debt payments as a result of currency related sanctions.

US durable goods orders for May were better than expected (0.7% vs street 0.1%). US pending home sales (street -9.8% over year) are due at 9:00 am EDT. Several European Central Bank officials are speaking today and tomorrow including ECB President Lagarde.

It’s a busy and compressed week for news with the month and quarter ending on Thursday, a Canadian holiday on Friday and a US holiday next Monday. Inflation remains a big focus with US house prices out Tuesday and PCE Inflation (the Fed’s preferred measure) on Thursday. Manufacturing PMI reports roll out over Thursday and Friday as well.

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Colin Cieszynski, Chief Market Strategist

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

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