Morning Minutes

Quiet Markets Await Economic News Due Later In The Week

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The new trading week is off to a quiet start so far with investors sitting on their hands waiting for the turn of the month and the quarter mid-week which brings a flurry of economic data and an OPEC+ meeting on Thursday where production levels for after the current round of increases ended in July is at the top of the agenda.

WTI crude oil is flat so far this morning but natural gas is up 0.5% likely due to a weekend heat wave across much of North America boosting demand for air conditioning even above the usual summer cooling expectations. Copper, meanwhile is down 0.6%. Coming off of a flat to slightly positive Friday, US index futures are mixed, varying between a 0.1% dip for Dow Futures to a 0.3% gain for NASDAQ futures. Overseas, the Dax is up 0.1% while the FTSE is down 0.3%.   

Even with upcoming Canadian (Thursday July 1) and US (Monday July 5) holidays kicking off summer vacation season over the next week, there is still a lot of news scheduled this week that could influence trading. Wednesday brings US ADP payrolls, PMI reports for China, the US Chicago PMI report and Canadian monthly GDP. In addition to the OPEC+ meeting on Thursday, manufacturing PMI reports from around the world and US construction spending are on the agenda. On Friday, US nonfarm payrolls and trade numbers for the US and Canada wrap up a busy week.    

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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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