Morning Minutes

Mixed Markets Pause Between Central Bank Meetings

Bank of Canada



World markets are treading water this morning, digesting this week’s surprise interest rate increases by the Bank of Canada and the Reserve Bank of Australia, both of whom had previously paused their tightening programs, suggesting that the fight against inflation is not over. These moves have raised questions about whether the Fed will pause its rate hike program at next week’s meeting, as some FOMC members have hinted, or keep going. The European Central Bank also meets next week but they remain in catchup mode.

US index futures are trading flat to down slightly this morning, coming off of a mixed Wednesday that saw the Dow climb 0.3% and the NASDAQ fall 1.3%. European market action the FTSE is flat and the Dax is up 0.3%. Commodity markets are also indecisive with WTI Crude Oil up 0.9% and Copper down 0.2%. Gold is up 0.2% while Bitcoin is down 0.3%.

In business news, Gamestop is in the crosshairs this morning falling 21.5% in premarket trading after the company announced its CEO has been fired. US weekly initial jobless claims were worse than expected (261k vs street 235K).

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Colin Cieszynski, Chief Market Strategist

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

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