Having quickly adapted to growing financial risks at China’s Evergrande, the selling pressure which enveloped world markets has eased somewhat as investors wait for the next shoes to drop. Tonight, the Peoples Bank of China and the Bank of Japan are meeting to whom investors may look for comments ahead of Evergrande’s Thursday interest payment deadline. Wednesday, the Fed issues it’s latest decision, statement and member economic/interest rate projections which investors may look to for hints related to tapering. On Thursday, the Bank of England meets with tapering talk again top of mind with investors.
The Hang Seng bounced back 0.5% overnight while the Nikkei plunged 2.1%. Commodities have also been on the rebound with WTI crude oil up 1.2% and copper up 1.1%. US index futures are all up about 0.7% clawing back some of yesterday’s 1.8%-2.2% losses. In Europe, the Dax is up 1.5% while the FTSE is up 1.1%.
Yesterday’s Canadian election campaign ended yesterday with the major parties ending up pretty much back where they started with the Liberals winning a minority government with a seat count slightly higher than they started with, while the Conservatives essentially stayed where they were in second place with a similar seat count. Overall, this result suggests a stay the course approach to government policy. The Canadian Dollar is up 0.5% against the US Dollar on the news.
In corporate news, Uber is up 4.9% in premarket trading after the ride sharing provider raised the low end of its sales guidance for this quarter to $22.8B from $22.0B. FedEx reports earnings after the close tonight.
SIA Wealth True Tacticaltm MoneyShow ETF Conference Presentation Wednesday September 22nd 3:10 pm EDT
Ted Bader, President of SIA Wealth Management will be giving a presentation on “True Tactical Investing Using ETFs and Relative Strength to the MoneyShow World of ETF Investing Canada Virtual Expo
Register for the Expo at: https://online.moneyshow.com/2021/september/world-of-etf-investing-canada-virtual-expo/registration/
