Morning Minutes

Month-End Rebound on Mixed Economic News




US equities appear to be trying to finish a rough October on a positive note. Building on yesterday’s US index gains of 1.2%-1.6%, US index futures are up 0.1%-0.3% this morning. Over in Europe, the Dax and FTSE are both up about 0.5%. Commodities are also bouncing back with US Crude Oil up 1.0%, Natural Gas up 1.1%, and Copper up 0.2%. Platinum is up 1.0% with US auto strikes getting settled this week while Gold is steady just above $2,000/oz.  

Asia Pacific markets had a tougher time with Hong Kong losing 1.7% and Seoul losing 1.4%. Chinese manufacturing PMI reports were disappointing both on the Manufacturing (49.5 vs street 50.2) and Non-Manufacturing (50.6 vs 51.8) sides, both coming in below street expectations and with Manufacturing falling back under 50 into contraction territory.

European economic data was mixed this morning with Eurozone Q3 GDP softening (0.1% vs previous 0.5%), but Eurozone consumer prices indicating inflation pressures continue to ease (2.9% vs street 3.1% and previous 4.3%). US house price data is due at 9:00 am EDT, followed by US Chicago PMI at 9:45 am (street 45.0).

Tomorrow is a particularly busy day for economic news. While the Fed decision is the main event, investors will have a number of other numbers to consider with the arrival of November including Manufacturing PMI reports from around the world, US ADP payrolls, and US Construction Spending.

Overnight earnings reports have been positive on both sides of the border. Headliners include uranium miner Cameco ($0.32 vs street $0.13), social media site Pinterest ($0.28 vs street $0.20, up 15.75% premarket), mall owner Simon Property ($1.82 vs street $1.51), and Caterpillar ($5.52 vs street $4.80,down 5.2% premarket). The most notable disappointment has been Pfizer (-$0.17 vs street -$0.08). Advanced Micro Devices is due to report results after the close this afternoon.

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Colin Cieszynski, Chief Market Strategist

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

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