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%. […]
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 […]
Commodities Fall as China Bears Strike Back
Sometimes no news is bad news. Sentiment toward China and related markets had improved dramatically over the last couple of weeks on anticipation of new stimulus for its struggling economy. That came to an abrupt end after comments by Chinese economic officials had no new commentary or details on stimulus. This news sent the Hang […]
Stocks Slide and Yields Rise To Start the Week
When looking at how equity markets respond to news we usually consider what does the news mean for liquidity (stocks like falling interest rates) and the economy (stocks like a positive environment for corporate earnings). Coming out of Friday’s very strong US Nonfarm Payrolls report, traders focus was that it was good for the economy […]
Nonfarm Payrolls Big Beat Sends Stocks Soaring
US nonfarm payrolls came in well above expectations (254K vs street 140K) sparking a surge in US index futures trading. The three main contracts are now up 0.3% to 0.8% with Nasdaq futures leading the way higher. Index futures had already been trending upward overnight on the news that US port workers agreed to call […]
Oil Rallies on Growing Mideast Conflict
Iran’s missile attack against Israel sparked a rally in oil prices which has continued into today on fears that hostilities in the region could potentially escalate further. This morning US Crude Oil is up 3.0%, while Brent Crude is up 2.7%. Gold through this has been digesting previous gains, trading down 0.6% this morning near […]
US Dollar and Gold Rally Around Powell, Ports and PMIs
October is off to a quiet start for US equities with US index futures trading flat to down 0.25%. European bourses, meanwhile are climbing today with the Dax up 0.5% and the FTSE up 0.6%. Europe’s market party appears to be in response to Manufacturing PMI reports which came in even with or better than […]
Stocks and Commodities Sink as Focus Turns to Economic Troubles
The last day of the month and the quarter saw China finish strong with gains of 8.1% (no that is not a typo) for Shanghai, and 2.4% for Hong Kong. Unlike last week, however, this momentum has not carried into other world stock markets or commodities as focus has turned to mounting economic problems. In […]
China Stimulus, Micron Earnings and Saudi Oil Production In Focus Today
Stock markets around the world have been rallying overnight and into this morning after Chinese President Xi and the country’s Politburo indicated that not only do they support the PBOC’s recent monetary stimulus moves, they also support using fiscal stimulus to support China’s economy and real estate market. On this news, Hong Kong rallied 4.2% […]
China Rally Fades as News Flow Slows For a Day
Yesterday’s China stimulus rally continued though Asia Pacific markets overnight where Shanghai gained 1.1% and Hong Kong climbed 0.7%. The rally has faded this morning, however, particularly in commodities, where US Crude Oil is down 1.9% and Copper is down 0.01% amid questions over how much stimulus may be needed to get China’s economy going […]