Markets are mixed this morning as investors return from a weekend to reflect on last week’s business news including the Fed meeting, employment/wage data and a flood of earnings reports. US index futures are up 0.1%-0.2% following gains of 0.6%-1.4% on Friday.
European markets, on the other hand are trading flat to moderately lower with the FTSE holding steady while the Dax is down 0.2% and the CAC is down 0.4%. Service PMI reports from the continent (which were delayed by a holiday last week), have generally come in below 50 in contraction territory and were split relative to expectations.
US and Brent Crude Oil are up 1.2%-1.4% this morning after Saudi Arabia and Russia announced that they plan to maintain their current production cuts through the end of the year. Natural gas, however, is down 4.6% today likely on warmer fall temperatures. Metals action is also mixed with Copper climbing 0.7% and Gold falling 0.4%.
This week is relatively quiet for business news, giving investors to reflect further on last week’s developments. The main event is tomorrow’s Reserve Bank of Australia meeting where a 0.25% interest rate hike is widely expected. Trade figures for China, Canada and the US due Tuesday are the main event for economic data.
The US has now moved into a lull period for earnings having passed the peak for most sectors and waiting for retailer earnings to start. The main earnings numbers stateside are on Wednesday with media giants Walt Disney and Warner Bros Discovery set to report. It’s a busy week in Canada for earnings reports, particularly from energy and insurance companies with headliners including Manulife Financial, Great West Lifeco on Wednesday, followed by Suncor Energy, Canadian Tire and Rogers Communications on Thursday.