Downward momentum from yesterday’s US market retreat continued through overseas trading overnight with the FTSE falling 1.0% the Nikkei sliding 0.75%, and the Dax losing 0.4%. US index futures are trading flat to up 0.1%, consolidating yesterday’s US index losses of 0.6% to 1.0%.
Metals are picking up a bit with Gold rising 0.8%, Silver gaining 0.6%, and Copper bouncing 0.3%. Cryptocurrencies are also rebounding with Bitcoin popping 5.8%. US Crude Oilis steady near $75.00/bbl, while Natural Gas has dropped 2.5% back toward $2.00/mmbtu.
US weekly initial jobless claims beat expectations and showed some improvement from last week (233K vs street 240K and previous 250K). China inflation numbers are due overnight tonight.
Earnings reports have generally been positive overnight. Eli Lilly is up 13.2% premarket after beating the street on sales and earnings and boosting guidance. North of the border, Canadian Tire, Manulife Financial* Wheaton Precious Metals* and Nutrien beat the street, while Pan American Siver disappointed.
*Shares of Manulife Financial and Wheaton Precious Metals are held in portfolios managed by SIA Wealth Management.
Colin Cieszynski, chief market strategist at SIA Wealth Management, discusses his top picks: BMO Ultra Short-Term Bond ETF, Kinross Gold, and Costco Wholesale. Watch the interview on BNN Bloomberg: https://www.bnnbloomberg.ca/video/shows/market-call/2024/08/07/colin-cieszynskis-top-picks-bmo-ultra-short-term-bond-etf-kinross-gold-and-costco-wholesale