Morning Minutes

Mixed Markets Digest Inflation and Earnings Numbers




SIA Wealth Morning Minutes will not be issued tomorrow. It should return on Monday May 15.

US index futures are mixed this morning trading between -0.2% and +0.2%. In Europe this morning, the Dax is flat, while the FTSE is down 0.2% and the CAC is up 0.3%. In commodity action Copper is down 2.6% while WTI Crude Oil is down 0.4%.

US producer prices beat expectations (2.3% vs street 2.4% and previous 2.7%), indicating inflation pressures continue to ease. US weekly initial jobless claims, however, were worse than expected (264K vs street 245K). 

The Bank of England raised its benchmark interest rate this morning by 0.25% to 4.50% as had been widely expected and remained hawkish in its commentary which is not a huge surprise as UK inflation has been running hotter than North America for some time, with the last UK CPI report running at 10.1%.

US regional banks are struggling again today after PacWest reported is deposits declined by 9.5% last week sending its shares down 14.6% premarket. Disney is down 5.4% in premarket trading today. Although EPS was in line with expectations, worse than expected subscriber numbers for Disney+ (157.8M vs street 163.1M) has been weighing on the stock. On the bright side, luxury goods retailer Tapestry beat market expectations ($0.78 vs street $0.60).

Canadian overnight earnings have been disappointing with results from Canadian Tire ($1.00 vs street $1.32), Nutrien ($1.48 vs street $1.98), and Manulife Financial ($0.79 vs street $0.80) all coming in below expectations. Sun Life reports results after markets close today.

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Colin Cieszynski, Chief Market Strategist

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

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