A day after equity markets took it on the chin and precious metals soared following the release of worse than expected inflation numbers from the US and China, stock markets are trying to stabilize and/or bounce back this morning. Coming off losses of 0.6% to 1.6% for the 3 main US indices, US index futures are up 0.1% to 0.6% so far today. Overseas markets have also been rebounding overnight with gains of 1.0% for the Hang Seng, 0.6% for the Nikkei and 0.4% for the FTSE.
Precious metals continue to embrace their role as go-to inflation hedges with gold plus platinum up 0.7%, and silver up 0.9%. Cryptocurrencies are sliding with Bitcoin down 2.0%. Copper is up 1.6% today. Energy markets are mixed. The arrival of colder weather in consuming regions has sparked a 2.5% rally for natural gas today and a run back up toward $5.00/mmbtu. WTI crude oil, on the other hand, is down another 0.75%.
With banks and government offices closed today for Remembrance Day / Veterans Day, there is no economic news of note today. Earnings reports, meanwhile, have been disappointing for the most part. Walt Disney missed EPS expectations badly ($0.37 vs street $0.51) and is down 5.9% premarket. Beyond Meat is down 19.2% premarket after reporting a much worse than expected loss (-$0.87 vs street -$0.39). Canadian Tire missed expectations slightly on earnings ($4.20 vs street $4.32), but that was offset by a 10.6% dividend increase and the announcement of a $400M share buyback program.