Morning Minutes

US Markets Climb as Banks Pass Stress Tests




US index futures are on the rise this morning climbing 0.2% to 0.4%. European trading is mixed this morning with the Dax up 0.1% and the FTSE down 0.2%. In commodity action Copper is down 1.2%, while WTI Crude oil is flat. Currency trading is also mixed with Bitcoin up 2.1% but Gold down 0.3%.

The Fed released annual stress test results for 31 US banks last night, all of which passed for the severe recession scenario. The report did note, however, that regional banks and banks with large credit card operations appear more vulnerable than national banks.

Today brings the second update of US Q1 GDP (street 4.2% unchanged), weekly US jobless claims (street 265K) at 8:30 am EDT, followed by US pending home sales (street -21.9%) at 10:00 am EDT. China releases Manufacturing and Non-Manufacturing PMI reports overnight, which could impact commodity trading.

Tomorrow the week, month and quarter wrap and it’s the last day before a North American holiday weekend as well. Notable economic reports expected Friday reports include US Core PCE inflation (street 4.6%), Chicago PMI (street 63.9), and Canada April GDP (street 0.2%).

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Colin Cieszynski, Chief Market Strategist

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

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