With several Asia-Pacific markets closed today for Lunar New Year holidays, the new trading week is off to a quiet start. The biggest overnight moves were a 1.3% gain for the Nikkei, and a 0.5% rise for the FTSE. The Dax and US index futures have picked up as the morning has progressed and are currently up 0.2%-0.3%. Commodities are rallying again today with Natural Gas soaring 10.4% as temperatures drop, WTI Crude Oil climbing 0.9% and Copper gaining 0.4%.
It is also a quiet day for business news, giving investors a chance to reflect on recent developments and prepare for a busy calendar over the next three days. The main economic event today was Canadian new house prices (3.9% vs previous 4.1%), the last Canadian report ahead of Wednesday’s Bank of Canada meeting where a 0.25% interest rate hike to 4.50% is widely expected. Tomorrow brings Flash PMI reports from around the world, Thursday is headlined by US Q4 GDP, new home sales and durable goods orders.
Earnings season continues to ramp up this week with the first results from Canada on Tuesday (Metro and CN Rail). US headliners this week include Microsoft, J&J, and GE on Tuesday; IBM, Boeing and Tesla Motors on Wednesday; Intel, Visa and MasterCard on Thursday; wrapping up with Chevron and American Express on Friday.
New Video: SIA Wealth June Market Outlook Webinar Replay
A replay of the SIA Wealth Market Outlook Webinar with Portfolio Manager Kyle Wilson, CFA and Chief Market Strategist Colin Cieszynski CFA, CMT, featuring their 2022 review and 2023 market outlook, is now available.
YouTube Version: https://youtu.be/RzeI-Wd7-JA