As the new trading week gets underway, stock market action has been mixed. In Asia Pacific trading, the Nikkei rose 0.6% but the Hang Seng fell 0.9%. European indices are trading flat to moderately higher with the Dax up 0.2% and the FTSE up 0.7%. US index futures show traders digesting last week’s US gains with Dow futures down 0.2% and NASDAQ futures flat.
Today’s commodity/currency action is also mixed. WTI and Brent are up 3.7%-4.0% this morning with Brent retaking $110.00/bbl. On the other hand, metals are backsliding with copper down 1.5% and gold down 0.2%.
The US 10-year treasury note yield is on the rise again, climbing toward 2.20%, indicating that the prospect for more interest rate increases this year remains a prime focus of investors. Fed Chair Powell is speaking at 11:00 am EDT today with investors looking for more hints on whether the Fed may need to accelerate rate hikes beyond the current forecast of 0.25% per meeting for the rest of the year.
The rest of this week is relatively quiet for business news. It’s between earnings seasons and on the economic side, the main events are Canada’s producer prices plus a federal budget speech tomorrow and flash PMI reports from the US and other countries on Thursday.
New Video: SIA Wealth March Webinar Replay
A replay of the SIA Wealth Market Outlook Webinar with Portfolio Managers Paul Vendrinsky and Kyle Wilson, plus Colin Cieszynski, Chief Market Strategist which discussed risk management in uncertain markets, recent changes to cash allocations in SIA Wealth managed portfolios, and answered questions from advisors and media is now available.
YouTube Version: https://youtu.be/3C9kqc1ZZC0
GoToMeeting Version: https://attendee.gotowebinar.com/recording/8777317083910733582