Morning Minutes

Stocks Rebound as Investors Await Month-End

manufacturing

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US index futures have been bouncing back to start the week with gains of 0.4%-0.6% for the main contracts, clawing back some of Friday’s US major index losses of 1.0%-1.7%. Overseas action has been mixed. European indices are in the green with the Dax gaining 1.5% and the FTSE rising 0.75%. Asia Pacific markets started off the week in the red, led by declines of 1.1% in Sydney and 0.9% in Seoul.

The US 10-year treasury note continues to climb, inching above 3.95% and approaching the big 4.00% round number barrier. Currency markets have been quiet on this development, while commodities are mixed. WTI Crude Oil is down 0.4%, while Natural Gas is up 3.9% and Copper is up 0.5%.

US durable goods orders came in worse than feared (-4.5% vs street -4.0% and previous +5.6%). US Pending Home Sales (street -37.5%) are due at 10:00 am EST. With the turn of the month coming on Wednesday, it’s a busy week for economic news. Tomorrow brings US house prices and Chicago PMI, Wednesday is headlined by Manufacturing PMI reports, followed by Service PMI reports from around the world on Friday. Investors should note that North American employment reports are NOT coming out this week.

The earnings calendar for this week is dominated by Canadian banks. Following Friday’s stellar numbers out of CIBC, which featured an earnings beat, strong capital markets results and lower loan loss provisions, the rest of the Canadian banks are set to report results between Tuesday and Thursday. In the US, retailer earnings continue including Lowes on Wednesday, and Costco on Thursday.

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Colin Cieszynski, Chief Market Strategist

Colin Cieszynski, CFA, CMT
Chief Market Strategist
ccieszynski@siawm.com
+1 (647) 282-4428

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