Morning Minutes

Stocks and Yen Retreat as Investors Assess BOJ and Earnings News




The last trading day of the month finds US equities giving back some of yesterday’s gains this morning with the three main index futures contracts all down about 0.3%. In Europe today, London and Frankfurt are flat but Paris is down 0.7% and Milan is down 1.3%. Commodities are quiet as well with WTI Crude Oil up 0.4% and sitting on $75.00/bbl, while copper is holding steady.

There has been some significant movement in currency markets overnight. The Japanese Yen has plunged 1.6% against the US Dollar. At the first meeting with new Bank of Japan Governor Ueda, the central bank made no changes to its dovish ultra-low interest rate and Yield Curve Control policies.

It’s another big day for big cap earnings, with Big Tech and Big Oil doing particularly well. Headliners from overnight and this morning include ($0.31 vs street $0.21, down 2.9% premarket), Intel (-$0.04 vs street -$0.16, up 6.7% premarket), Mastercard ($2.80 vs street $2.71), Exxon Mobil ($2.83 vs street $2.60), and Chevron ($3.55 vs street $3.40). It’s a tough morning for social media stocks with Pinterest down 11.2% and Snapchat down 18.1% in the wake of disappointing earnings numbers. In Canada Agnico-Eagle Mines* ($0.79 vs street $0.64) and TC Energy ($1.21 vs street $1.17) beat expectations.

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Colin Cieszynski, Chief Market Strategist

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

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