Colin will be on BNN Bloomberg today at 4:05 pm EDT talking about the markets heading into the end of the year.
We wish everyone a Merry Christmas and a safe holiday season. SIA Wealth Morning Minutes will return on Wednesday, December 29.
This week’s Santa Claus Rally appears set to head into a third day. US index futures are up 0.3% this morning, building on yesterday’s US index gains of 0.75% for the Dow and 1.12% for the NASDAQ. In Europe today, the Dax us up 0.6% and the FTSE is up 0.1%.
Stocks appear to be getting some support from the news that Pfizer’s COVID treatment received emergency use approval from the FDA in the US and anecdotal reports in the media and from various government officials suggesting that while quite contagious, the Omicron wave may be less taxing on health care systems than previous waves. There also has been encouraging vaccine related news from AstraZeneca and Novavax overnight. Combined these developments appear to be easing fears surrounding the impact of the Omicron wave and increasing speculation that new restrictions and lockdowns may be limited or short-lived. Travel related stocks continue to rebound this morning on these developments.
With US markets closed tomorrow, a number of economic reports are out this morning. Canada November GDP accelerated as expected (0.8% in-line vs previous 0.1%). US durable goods orders were much stronger than expected (2.5% vs street 1.6% and previous -0.4%). US PCE inflation, the Fed’s preferred measure, indicated that inflation pressures continue to build (5.7% vs street 5.6% and previous 5.1%.
New Video: SIA Wealth December Webinar Replay
A replay of the SIA Wealth Market Outlook Webinar with Colin Cieszynski – Chief Market Strategist, answering questions related to holiday seasonality, central banks, consumer confidence, cryptocurrencies and energy, is now available.
YouTube Version: https://www.youtube.com/watch?v=ZuIqWBluCF0