Morning Minutes

Mixed Markets Await Russia and Economic Developments




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
+1 (647) 282-4428

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