Morning Minutes

Oil Rallies While Stocks Digest Mixed Earnings

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WTI Crude Oil is climbing for a second straight day, gaining 1.4%. In addition to follow-through action following yesterday’s warning to bears from Saudi Arabia about the next OPEC+ meeting, traders appear to be responding positively to last night’s drawdown in API weekly US inventories (-6.8 mmbbls vs previous +3.7 mmbbls). Weekly US DOE inventories are due at 10:30 am EDT.

The first day of Canadian Bank Earnings Week has come with mixed signals as both Bank of Nova Scotia ($1.70 vs street $1.78) and Bank of Montreal ($2.93 vs street $3.23) fell short of expectations. Scotiabank management blamed the shortfall on softness across most of its business lines and raised its loan loss provision. On the positive side, both banks raised their dividends.

US earnings have also been mixed overnight, headlined by retailer Kohls ($0.13 vs street -$0.43, up 12.3% premarket), Analog Devices ($2.83 vs street $2.75), and Palo Alto Networks ($1.10 vs street $0.93). Nvidia reports results after the close today.

Amid all this news and ongoing US debt ceiling talks, US index futures are down 0.3%-0.5% this morning. Over in Europe, the Dax and FTSE are both down about 1.7%. In metals trading, Gold is up 0.5%, while Copper is down 1.3%.

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Colin Cieszynski, Chief Market Strategist

Colin Cieszynski, CFA, CMT
Chief Market Strategist
ccieszynski@siawm.com
+1 (647) 282-4428

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