The new trading week started with a follow-through selloff in Asia that saw the Nikkei plunge 3.3% and the Hang Seng slide 1.1%. As the rest of the world turned toward morning, stocks have regained their footing and have started to stabilize. In Europe, the Dax is up 0.7%, while in North America, US index futures are up 0.2% to 0.5%.
The US Dollar is backsliding, down 0.5% against the Canadian Dollar, down 0.2% against the Euro and down 0.6% against gold as the 10-year treasury note yield remains below 1.50%. Commodities are mixed with WTI crude oil up 0.1% and copper down 0.8%.
Cryptocurrencies are taking it on the chin this morning as China announced further crackdowns on Bitcoin mining over the weekend, blaming the high electric power consumption required. Bitcoin is down 7.8% trading near $32,000 while Ethereum is down 10.4%.
It’s a quiet day for economic and corporate news. The main scheduled economic developments this week include Fed Chair Powell testifying to Congress tomorrow, Flash PMI reports on Wednesday, a Bank of England meeting plus US durable goods orders Thursday and US personal income on Friday. The main corporate news event is Thursday evening’s release of US bank stress test results from the Fed, which could pave the way for US banks to resume dividends and share buybacks when they report their earnings next month.
SIA Wealth True Tacticaltm Investing Webinar Thursday June 24, 2:00 pm EDT
Join SIA Wealth Management for an introduction into what True Tacticaltm investing means, how capital rotates between markets, the benefits of relative strength analysis and how utilizing True Tacticaltm can benefit you and your clients. Webinar audio will be available through computer VoIP or dial in using your phone.