Positive Earnings Help the NASDAQ To Bounce Back
Earnings results from North American corporations continue to exceed expectations. Companies which reported overnight include Tesla ($0.72 vs street $0.59, up 14.0% premarket), IBM ($2.30 vs street $2.22, down 3.1% premarket), Rogers Communications ($1.42 vs street $1.37), Lam Research ($0.68 vs street $0.81, up 5.3% premarket), UPS ($1.76 vs street $1.63 up 8.8% premarket), and […]
Stocks Slide as Yields Rise; Bank of Canada Meets Today
We are getting mixed signals from the bond market today. The US 10-year treasury note yield continues to climb, and is approaching 4.25%, suggesting that traders are expecting a slower pace of interest rate cuts from the Fed than previously thought. Meanwhile, the Bank of Canada is expected to announce a 0.50% interest rate cut […]
Gold and Silver Soar as the PBOC Cuts Interest Rates
Gold has broken through $2,750/oz with a 0.8% gain while Silver has soared 3.1% in a catch-up rally. Precious metals continue to attract new interest as a store of value in uncertain times and also as a counter to the falling value of paper currencies. The current monetary easing trend continued overnight as the Peoples […]
Strong China Data and Earnings Spark Rallies In Stocks and Metals
Investors have responded positively to Chinese economic reports released overnight which included Q3 GDP (4.6% vs street 4.5%), retail sales (3.2% vs street 2.5%), and industrial production (5.4% vs street 4.6%). UK retail sales also beat expectations (3.9% vs street 3.2%). US housing starts came in slightly above the street consensus. Both the US and […]
Index Futures Climb on Positive US Economic Reports
Building on yesterday’s gains of 0.3%-0.8% for US indices, US index futures are up 0.2% to 0.8% this morning with NASDAQ futures playing catch up. The US 10-year treasury note yield is holding near 4.05%. Overseas, China markets struggled overnight with Hong Kong and Shanghai both falling 1.0%. Chinese Q3 GDP, retail sales and industrial […]
Gold Rallies As World Markets Consolidate and Earnings Roll Out
US index futures this morning, and Chinese markets overnight have been stabilizing following yesterday’s selloffs. Major US indices lost 0.75%-1.00% yesterday with the NASDAQ leading the way lower as sentiment soured toward the semiconductor sector. Trading action in Europe today is mixed. The FTSE is up 0.75% and the Pound is down 0.3% as weaker […]
Weak China Trade Numbers Crush Commodities
Overnight China reported a worse than expected trade surplus ($81.7B vs street $89.8B) due to lower than expected import (0.3% vs street 0.9%) and export (2.4% vs street 6.0%) growth. This news has sent shockwaves through world markets, once again increasing concerns about the health of its economy and the prospects for resource demand. To […]
US Earnings and Canada Jobs Come In Strong
US index futures are hovering around flat heading into a full long weekend for Canada and a partial long weekend for the US (banks closed, equities open Monday). Overseas, Shanghai fell 2.5%, but other major Asia Pacific and European markets have been essentially flat. The US 10-year treasury note yield is steady just below 4.10%. […]
Stocks Slip as Inflation and Unemployment Data Disappoint
US economic data out this morning paints a mixed picture. Consumer Prices fell from last month but not as much as the street hoped (2.4% vs street 2.3% and previous 2.5%). Meanwhile US weekly initial jobless claims jumped (258K vs street 225K) although that could be hurricane related. The inflation number weakens the case for […]
China Selloff Continues, US Consolidates Gains
China-sensitive markets continued their retreat overnight and into this morning. Shanghai fell 6.6% while Hong Kong fell another 1.4%. Copper remains under pressure falling another 1.0%. Crude Oil was soft overnight but has been bouncing back this morning. In addition to China, energy prices continue to be impacted by forces outside of demand including the […]