Morning Minutes

Stocks Stabilize Amid Mixed Economic News




Still reeling from Tuesday’s big plunges, markets in Europe and North America are trading flat to down slightly this morning. US index futures are trading down 0.1% to 0.5%. European trading finds the Dax down 0.2% and the FTSE up 0.3%.

It has been a busy morning for US economic announcements, which have been mixed overall. On the positive side, headline US retail sales (0.3% vs street 0.0%), weekly initial jobless claims (213K vs street 226K) and the Empire State Manufacturing Index (-1.5 vs street -13.0) all beat expectations, and a tentative deal with railroad unions has been reached potentially averting a national strike. On the other hand, retail sales excluding autos (-0.3% vs street +0.1%) and the Philadelphia Fed Manufacturing Survey (-9.9 vs street 2.8) were worse than expected. US industrial production is due at 9:15 am EDT (street 0.1%).

The US Dollar is steady today but commodities are under pressure once again. Natural gas is down 6.1% ahead of the weekly storage report due at 10:30 am EDT. WTI crude oil is down 1.5%, while in metals action copper and gold are both down 0.8%.

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Colin Cieszynski, Chief Market Strategist

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

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