Morning Minutes

October Begins With Manufacturing PMI In Focus




The first trading day of the week, month, and quarter finds US index futures and most major indices holding steady between -0.2% and +0.2%. The most notable exception has been the Hang Seng, which popped 2.5% overnight as investors responded positively to the Chinese Manufacturing PMI (50.2 vs previous 49.7),and Non-Manufacturing PMI (51.7 vs previous 51.0) released over the weekend, both of which showed improvement from last month and beat analyst expectations.

Manufacturing PMI reports have been rolling out from other countries around the world overnight with Australia, France, Spain, the UK and others showing improvement and/or beating street expectations, with Germany and Japan being the most notable countries showing weakness or missing expectations. Canada Manufacturing PMI (previous 48.0) is due at 9:30 am EDT, followed by US ISM Manufacturing PMI (street 47.7) at 10:00 am.

Also today, 4 FOMC members are speaking including Chair Powell at 11:00 am EDT. US Construction Spending (street 0.5%) is due at 10:00 am EDT. The Reserve Bank of Australia meets tonight and is widely expected to keep interest rates on hold.

Trading across currency and commodity markets is mixed today. Treasury yields continue to climb with the US 10-year Treasury Note Yield back up above 4.60%. Gold is down 0.75% against the rising US Dollar, while the Loonie, Pound and Euro are down 0.25%. Cryptocurrencies are climbing with Bitcoin up 4.1% and trading back up above $28,000. US Crude Oil is up 0.6%, while Copper is down 1.5%.

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Colin Cieszynski, Chief Market Strategist

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

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