Oil Retreats on Increasing Supply
The price of Crude Oil is under pressure, falling 1.9% this morning. Over the weekend, exports from Iraq’s Kurdistan region resumed. In addition, traders have been speculating that OPEC+ may agree to an additional supply increase when it meets later this week. The new trading week is off to a positive start for stocks. US […]
Positive Economic Data Boosts the US Dollar
This morning, several key US economic indicators have come in significantly better than expected. The latest US Q2 GDP update (3.8% vs Street 3.3%), and durable goods orders (2.9% vs Street -0.5%) suggest a more robust economy than previously thought. Meanwhile, fewer than expected weekly initial jobless claims (218K vs previous 232K) suggest US labor […]
Gold Reaches Another New High
Between central bank interest rate cuts potentially devaluing paper money over time, and anti-austerity protests in France over the weekend suggesting governments may struggle to get their fiscal houses in order, capital appears to be increasingly seeking out havens in hard assets, particularly precious metals. Gold is up 1.4% this morning trading at a record […]
Signs of Stagflation Weigh on Stocks and the US Dollar
The SIA Wealth Morning Minutes will not be issued tomorrow. They should return on Monday September 14th. More signs of Stagflation emerged this morning. US consumer prices increased last month in line with expectations (2.9% vs street 2.9% and previous 2.7%). Perhaps more importantly, we received another troubling employment number as weekly US initial jobless […]
Mega Mining Merger Tops Today’s Trading News
Two mining giants have agreed to merge overnight. Canada’s Teck Resources and the UK’s Anglo American have agreed to combine into Anglo Teck, a company with a $53 billion combined market cap and interests in copper, platinum, diamonds, iron ore and other resources. The company plans to be headquartered in Canada with its primary stock […]
Commodities Retreat as Traders Digest Disappointing Job Data
US index futures have started to tumble in the wake of disappointing data out of the US but currently remain flat to slightly in the green, with NASDAQ futures up 0.2%. Overseas markets have been stronger with the DAX up 0.8%, the FTSE up 0.3%, and the Nikkei up 1.5%. China stocks struggled, however, with […]
Stocks Slide to Start September
September has historically been one of the weaker and more volatile months of the year for equity markets. This morning finds traders heading for the exits with NASDAQ futures down 1.2% and S&P futures down 0.9%. Over in Europe, the Dax is down 1.6% and the FTSE is down 0.6%. Late last week, a US […]
Rising Inflation Sinks Stocks, Sparks US Dollar Rally
US index futures have turned sharply downward after US producer prices jumped in July (3.3% vs Street 2.5% and previous 2.3%), contradicting Tuesday’s consumer price report and suggesting that tariffs may be starting to drive up inflation. US core PPI (excluding food and energy) was even worse (3.7% vs Street 2.9 and previous 2.6%). US […]
Stock Markets Continue to Climb
Yesterday was a banner day for US equity markets with the small cap Russell 2000 rallying 3.0% and the large cap indices gaining 1.1%-1.4%, sending the S&P 500 and the NASDAQ Composite to new all-time highs. This morning finds the three main index futures contracts up another 0.2%-0.3%. Positive momentum has continued overnight with the […]
Trade and Inflation News Boost Stocks
US index futures are climbing again today with gains of around 0.4% for the three main contracts. Overnight, President Trump announced another 90-day delay to the imposition of tariffs on China to allow talks to continue. This was particularly well received in Japan, where the Nikkei rallied 2.1%, while the Hang Seng gained 0.3%. This […]