Morning Minutes

Steady Markets Digest Earnings Reports




Another big day for US earnings finds index futures trading down 0.2%-0.5%, giving back some of yesterday gains of 0.9%-1.3% for the three main US indices. In Europe today, the Dax is down 0.8% and the FTSE is down 0.6%.

The US Dollar is climbing today gaining 0.4% against Gold and Bitcoin. The strongest currency has been the British Pound with a 0.4% gain against the greenback with new UK PM Sunak taking over office. Commodities are struggling today with Copper down 1.7%, WTI crude oil down 1.2% and Natural Gas down 1.1%.

Earnings reports this morning have generally been positive once again. Companies beating expectations include General Motors ($2.25 vs street $1.88), Coca-Cola ($0.69 vs street $0.64), UPS ($2.99 vs street $2.84), and 3M ($2.69 vs street $2.60). On the other hand, GE posted disappointing results ($0.35 vs street $0.47).

US headliners after the close today include Microsoft, Alphabet, Visa, Texas Instruments, and Twitter. Canadian earnings season kicks off this afternoon with results from Canadian National Railway and First Quantum.  

A lighter morning for North American economic news has given investors more time to digest yesterday’s disappointing Flash PMI reports which showed both Manufacturing and Services in contraction territory. US house price numbers are due at 9:00 am EDT. Tomorrow the Bank of Canada is expected to announce a 0.75% interest rate increase, kicking off a week of central bank meetings where several other central banks are also expected to announce rate hikes or make other hawkish moves.

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Colin Cieszynski, Chief Market Strategist

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

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