Morning Minutes

Stocks and Commodities Rebound, Canadian Unemployment Rate Improves




Building on yesterday’s afternoon rebound in North America which finished with the main US indices up 0.1% to 0.4%, US index futures are up 0.1% to 0.3% as stocks try to claw back some of their losses from earlier in the week. European bourses are stronger this morning with the Dax up 1.25% and the FTSE up 1.0%. So far, this action appears to be more of a trading bounce since there have been no overnight changes in the Ukraine War and the US 10-year treasury note yield continues to climb toward 2.70%.

In commodity and currency action today, WTI crude oil is up 1.1% but remains below $100.00/bbl. Brent Crude us up 0.75% and Natural Gas is up 2.0%. In metals action, Platinum is up 2.7%, copper is up 1.0% and gold is flat. In currency trading, the Canadian Dollar is steady after yesterday’s federal budget, but the Pound is down 0.4% and Bitcoin is down 0.3%.  

Canada’s employment numbers are out today and were mixed. Jobs increased by 72.7K which was a pretty good month relative to historical averages but was short of the 80K street estimate, and last month’s stellar 336K, which was boosted by some COVID restrictions coming off.  The unemployment rate declined to 5.3%, its lowest level since at least 2007 (which is as far back as the data I looked at goes) and was slightly better than the 5.4% street estimate. Wage inflation remains an issue as the growth rate for average hourly earnings increased to 3.4% from 3.3% last month.

Subscribe to the Morning Minutes:

Today's earnings reports and market activity, delivered right to your inbox.

Colin Cieszynski, Chief Market Strategist

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

Read More

Legal and Regulatory Disclosures

Terms and Conditions:
This information is for Investment Advisors only. The website is for informational purposes only and is not intended to provide a complete description of SIA Wealth Management’s products or services. Past performance is not indicative of future results. It should not be construed as investment advice or relied upon in making an investment decision. Products and services of SIA Wealth Management are only offered in jurisdictions where they may be lawfully offered for sale. The information contained in this Website does not constitute an offer or solicitation by anyone to buy or sell any investment fund or other product, service or information to anyone in any jurisdiction in which an offer or solicitation is not authorized or cannot be legally made or to any person to whom it is unlawful to make an offer of solicitation. All products and services are subject to the terms of each and every applicable agreement. It is important to note that not all products, services and information are available in all jurisdictions outside Canada.

SIA Wealth Management Inc. (SIAWM) specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investor’s investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, Advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIA Wealth Management Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.