The last day of trading before Lunar New Year and the start of a Year of the Rabbit finds major Asia Pacific markets (several of which will be closed for one or more days next week) up across the board with the Hang Seng leading the charge upward with a 1.8% gain. Positive momentum has continued into the European trading day where the Dax, CAC and FTSE are up 0.2%-0.6%, and early North American trading where US index futures are flat to up 0.75%.
Investors have reacted positively to significantly better than expected subscriber growth from Netflix (7.7M vs street 4.6M) sending its shares up 6.5% while shrugging off disappointing earnings per share ($0.12 vs street $0.55), which was blamed on the impact of currency market swings, particularly the recovery in the Euro. In other news, paint producer PPG ($1.22 vs street $1.13, up 2.3% premarket), and oilfield services giant Schlumberger ($0.71 vs street $0.68) both beat expectations.
Today’s retail sales reports were mixed with Canada beating expectations (-0.1% over month vs street -0.5%), but the UK coming in worse than expected (-5.8% over year vs street -4.1%). US existing home sales are due at 10:00 am EST (street -5.4% vs previous -7.7%).
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