Morning Minutes

Treasury Yields Rise As Investors Await Tuesday Central Bank Speeches




World markets are in the red to start the new trading week. Overseas, the Hang Seng fell 2.0%, while in Europe this morning, the Dax is down 1.0% and the FTSE is down 0.9%. US index futures are currently down 0.6%-0.9% but are up off of their early morning lows.

Investors appear to still be focused on the red-hot job growth potentially giving the Fed scope to keep raising interest rates, over the decline in wage inflation. The US 10-year treasury note yield has climbed back up to 3.6% this morning, and the US Dollar is rallying again with gains of 0.2%-0.4% against the Euro, Canadian Dollar, Gold, and other currencies. Commodity action is relatively quiet so far with WTI Crude Oil up 0.3% and Copper down 0.3%.

It’s a quiet day for business and economic news but we are still in the heart of earnings season. Headliners this week include Dupont and Cineplex on Tuesday, Walt Disney, Uber, Sun Life and Great West on Wednesday, Warner Bros Discovery, PayPal, Thomson Reuters and Canada Goose on Thursday, wrapping up with Magna and Enbridge on Friday.

Tomorrow could potentially bring more hints about the future direction of interest rates with the Reserve Bank of Australia expected to announce a 0.25% interest rate increase, and both Bank of Canada Governor Macklem and Fed Chair Powell speaking. Friday brings Canada employment, UK GDP and China inflation numbers.

SIA Wealth In The Media:

Chief Market Strategist Colin Cieszynski appeared on BNN Bloomberg today where he spoke about SIA Wealth Management’s tactical investing strategy, relative strength in market sectors, and current trends in monetary policy.

Capital continues to rotate into industrial sectors and out of defensive groups

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Colin Cieszynski, Chief Market Strategist

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

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