Morning Minutes

Stocks and Commodities Continue To Slide




Yesterday’s US market rebound of 0.1% to 0.5% for major indices turned out to be a dead cat bounce. Overseas markets sold off overnight with the Hang Seng falling 1.5%, the Nikkei falling 1.1% and the Dax dropping 0.7%. Bearish momentum has continued into early morning trading in North America with US index futures all declining about 0.4%.

With the US 10-year treasury note yield consolidating a recent breakout near 4.50%, its highest level since 2007, the US Dollar continues to steamroll over currency and commodity markets. Gold and the Loonie are both down about 0.3%. Meanwhile in commodity action, WTI and Brent Crude are both down about 0.7%, Natural Gas is down 2.6%, Platinum is down 1.2% as US auto strikes continue, and Copper is down 0.3%.   

Economic news picks up later this morning with US AP&/Case-Schiller House Prices (street -0.5%) due at 9:00 am EDT, followed by US New Home Sales (street 0.7M), the Richmond Fed Manufacturing Index, and US Consumer Confidence at 10:00 am EDT. API weekly US crude oil inventories are due at 10:00 am EDT.

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Colin Cieszynski, Chief Market Strategist

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

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