Morning Minutes

World Market Rebound Continues to Gain Traction

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Stock markets around the world have continued to climb overnight and into this morning. Overseas, the Dax is up 1.1%, the FTSE is up 0.9% and the Hang Seng climbed 0.6%. US index futures contracts are all up about 0.6%, building on yesterday’s US index gains of 1.0%-1.8%.

Commodity action is also positive this morning with WTI Crude Oil up 0.8% and Copper up 0.6%. Currencies are relatively quiet today with Gold up 0.2%, the Euro up 0.5% and Bitcoin up 0.9%. There were no major surprises in today’s US GDP update or the weekly US jobless claims report.

Overall, market action suggests that the wave of fear which had gripped markets earlier this month on banking worries continues to wash back out to sea. Tomorrow is the last trading day of the month and the quarter, along with the fiscal year end for a number of companies in the investment industry, so we may continue to see investors position and adjust their portfolios ahead of this and next week’s round of PMI and employment/wage inflation numbers.     

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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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