Coming off of record high closes for the Dow Industrials and the S&P 500 yesterday, their index futures are flat so far this morning, while NASDAQ futures are up 0.5%. Overseas markets have been climbing overnight with the FTSE up 0.9%, the Dax and Hang Seng both up 0.6%, and the Nikkei up 0.5%. The US 10-year treasury note yield is steady near 1.6% with a two-day Fed meeting starting today and heading toward tomorrow afternoon’s Fed decision, statement and member projections. Commodities are weakening again today with WTI crude oil down 1.2% and copper down 1.6%. Bitcoin is down 2.2% trading near $55,000 while gold is flat.
US retail sales decreased by 3.0% in February, which was worse than the 0.5% decline the street had expected. This decline comes as a retrenchment of a big pop in January retail sales. Most of the shortfall relative to expectations can be accounted for from an upward revision in January sales growth to 7.6% from 5.3%. US industrial production for February is due at 9:15 am EDT (street 0.6% over month vs previous 0.9%)
Its turning out to be a busy week for mergers in Canada, following on the heels of yesterday’s Rogers/Shaw coupling, we have a deal this morning in the grocery store sector. Empire Company, parent of Sobeys and Safeway Canada, has agreed to purchase a 51% controlling interest in Longos/Grocery Gateway for about $325 million through a combination of cash and shares. Empire will also receive options to purchase the rest in future if it chooses.
SIA Wealth Market Outlook Webinar Today March 16, 2:00 pm EDT
Join SIA Wealth Management for an update on True Tacticaltm investing, insights into the recent performance of SIA Wealth Management portfolios and market insigts from SIA Wealth Founder and CEO Jeremy Fehr. Webinar audio will be available through computer VoIP or dial in using your phone.
Register at: https://attendee.gotowebinar.com/register/2867279346479863823
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