Morning Minutes

Retail Sales and Inflation Numbers Dominate The Headlines




Coming off of a mixed day for US markets where the Dow fell 1.1% and the NASDAQ finished up 0.2%, US index futures are up 0.1%-0.3% this morning. Overseas, the Nikkei popped 2.5% while the Hang Seng gained 0.5%. The Dax and FTSE are both up about 0.1%.

Continuing to bask in the afterglow of positive Chinese GDP, retail sales, and industrial production numbers from earlier this week, which has boosted anticipation for a recovery in resource demand. China-sensitive commodities are rallying today. In particular, Copper is up 2.2% and WTI Crude Oil is up 1.9%. Natural Gas, on the other hand is down 4.9% on reports overnight of high storage levels in Europe as we move into the back half of home heating season.

Today’s economic news has been mixed. US retail sales for December was disappointing (-1.1% vs street -0.8%). On the other hand, inflation reports continue to show signs of improvement including Canadian industrial prices (-1.1%% vs street -0.3%), Canadian raw material prices (-3.1% vs street -1.3%), US producer prices (6.2% vs street 6.8% and previous 7.4%), and UK consumer prices (10.5% vs street 10.6% and previous 10.7%). US industrial production is due at 9:15 am EST. Central banks take over the calendar for the next 24 hours with the Fed’s Beige Book regional economic report and speeches from three FOMC members (Bullard, George, and Harker) expected over the course of today. Tomorrow ECB President Lagarde and Fed Vice-Chair Brainard are speaking separately.

United Airlines is up 4.3% in premarket trading this morning after beating the street on Q4 earnings ($2.46 vs street $2.10). Today is lighter for earnings, but earnings season picks up again tomorrow with results due from Procter & Gamble, and Netflix.

SIA Wealth Update Outlook Webinar With Kyle Wilson and Colin Cieszynski TOMORROW at 2:00 pm EDT

Please join us on Thursday Jan. 19 @ 12pm MT / 2pm ET for this month’s Market Outlook webinar with Portfolio Manager Kyle Wilson, CFA and Chief Market Strategist Colin Cieszynski CFA, CMT with their 2022 review and 2023 market outlook.

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Colin Cieszynski, Chief Market Strategist

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

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