Morning Minutes

Stocks and Commodities Bounce Back




Rebounding from yesterday’s global selloff, world stock markets have been in the green so far this morning. Clawing back some of yesterday’s 0.4% to 0.9% losses by major US indices, US index futures are up 0.2-0.3% this morning. European markets are staging a stronger recovery with the Dax up 1.0% and the FTSE up 0.75% as Italy’s government has started to walk back a proposed tax increase on banks.

Commodity markets are also climbing this morning. Natural Gas is up 5.0%, while WTI Crude Oil is up 0.9% and Copper is up 0.8%. Overnight, China reported soft Consumer Price (-0.3% vs previous 0.0%) and Producer Price (-4.4% vs street -4.1%) inflation numbers, which investors appear to be inferring could give the government and the PBOC scope to increase stimulus if needed.

In earnings news, insurers Great West Lifeco ($0.99 vs street $0.91) and Sun Life ($1.57 vs street $1.53) beat expectations with Manulife Financial scheduled to report after the close today.  

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Colin Cieszynski, Chief Market Strategist

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

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