Stocks and commodities are in the green for the most part so far today. US index futures are up 0.3%-0.4%, clawing back some of yesterday’s US index losses. European markets are flat to up moderately with the FTSE gaining 0.6% and the Dax up 0.1%. In metals action, copper is up 2.0%, platinum is up 1.5% and gold is up 0.5%. Energy trading is mixed with WTI crude oil up 1.3% and natural gas down 2.1%.
It’s the calm before the storm for economic news. This morning, Canadian retail sales numbers were mixed as the headline number beat the street (-0.5% vs street -0.7%), but retail sales excluding autos were worse than expected (-0.7% vs street -0.4%). Canadian new house prices also weakened (5.1% vs previous 6.3%).
Tonight and tomorrow morning bring a flood of economic announcements ahead of the US Thanksgiving holiday which gets underway Wednesday afternoon. Upcoming news of note includes three Fed regional presidents speaking today, Flash PMI reports from around the world, a Reserve Bank of New Zealand interest rate decision (0.75% rate hike expected), US durable goods orders, consumer inflation expectations, energy inventories, and weekly jobless claims
Earnings reports have been coming in better than expected, particularly in consumer electronics where Best Buy ($1.38 vs street $1.03, up 8.5% premarket) and Dell Technologies ($2.30 vs street $1.60) have exceeded street estimates along with Zoom Video ($1.07 vs street $0.83) and Baidu ($2.37 vs street $2.17). HP and Nordstrom report after the close this afternoon, while Deere headlines tomorrow mornings numbers.
