Morning Minutes

Stock Market Rebound Continues as Investors Await US Inflation Numbers




The equity market bounce which started on Friday has continued into the new trading week with US index futures up 0.25%-0.75%. Over in Europe this morning, the Dax is up 0.4% while the FTSE is up 0.1%.

The start to the week has been light for business news so this bounce may be based so far on a combination of short covering and bargain hunting following last week’s corrections. The economic calendar picks up later in the week with US Consumer and Producer Price numbers (which may indicate whether the Fed may be able to pause rate hikes next week or if it needs to keep tightening), plus Retail Sales reports for the US and China. The European Central Bank announces its latest interest rate decision on Thursday.

Japanese markets were active overnight with the Yen gaining 1.0% and the Nikkei falling 0.4%. Bank of Japan Governor Ueda suggested that the central bank may have enough data by the end of this year to start considering exiting negative interest rates.

Commodity markets are mixed to start the week. Natural gas is down 1.4% while WTI Crude Oil is down 0.6%. Metals are rallying this morning, however, with Copper up 1.9%, Platinum up 0.6%, and Gold up 0.3%.

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Colin Cieszynski, Chief Market Strategist

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

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