New High For Gold as Central Banks Turn Dovish
The perpetual battle for dominance between hard money and paper money continues to shift in favor of hard money this week. Gold is trading at a new all-time high today up 0.6% and just below $2,600/oz while Silver is up 1.0% trading above $30.00/oz, and Platinum is up 0.9%, taking a run at $1,000/oz. The […]
Market Momentum Builds as ECB Cuts Rates
Yesterday’s US rally, which saw the NASDAQ soar 2.2%, has sparked a wave of buying in overseas markets. The Nikkei soared 3.4%, and the Hang Seng gained 0.8% in Asia Pacific trading, while in Europe, the Dax is up 1.2% and the FTSE is up 0.9%. US index futures are up 0.2%, while the 10-year […]
Oil Rebounds Between Inventory Reports
The price of crude oil, which sold off yesterday on concerns that slowing economic growth, particularly in China, could negatively impact demand, has bounced back a bit this morning, climbing 1.7% but remaining below $67.50/bbl/. Brent Crude has bounced 1.3%, regaining $70.00/bbl/. Some support came in after API reported a surprise 2.8 mbbl drawdown in […]
Stocks Pause Ahead of US Debate
Coming off a big bounce to start the week which saw major US indices gain 1.1%-1.2%, US index futures are trading pretty much flat this morning. It appears that in the absence of other news, US traders are digesting recent market action and positioning ahead of tonight’s US Presidential debate and tomorrow’s US Consumer Price […]
Stocks Rebound To Start the Trading Week
Stocks in North America and Europe are trying to mount a rebound from Friday’s big selloff that saw US indices fall between 1.0% and 2.5% with the NASDAQ leading the way downward. This morning, bargain hunters and people who may have sold or held off ahead of the weekend appear to be stepping back in […]
Stocks Bounce After Nonfarm Payrolls Disappoint
US Nonfarm Payrolls (142K vs street 165K, previous revised down to 89K from 114K) and Average Hourly Earnings (3.8% vs street 3.7%), were disappointing once again, suggesting the US may be falling into a recession and increasing pressure on the Fed to deliver a rate cut on September 18th. On this news, treasury yields have […]
ADP Payroll Miss Sparks Market Swings
US ADP private sector payrolls came in well below expectations (99K vs street 145K, previous revised downward by 11K to 111K), increasing fears that the economy is slowing which could impact resource demand and corporate earnings, but also potentially increasing pressure on the Fed to deliver a rate cut of at least 0.25% at its […]
Stock Slide Continues; Bank of Canada Meets Today
Stocks continue to sell off this morning. US index futures are down 0.2% to 0.75% with NASDAQ futures getting hit the hardest. This adds of yesterday’s losses of 1.5% for the Dow Industrials, 2.1% for the S&P 500 and 3.2% for the NASDAQ. European markets are also in retreat for a second straight day with […]
September Starts With a Selloff For Stocks and Commodities
September, historically the weakest and most volatile month of the year for stocks, is off to a soft start. Returning form the long weekend, US index futures are down 0.50%-0.6%. Over in Europe, the Dax is down 0.3% and the FTSE is down 0.5%. Commodities are under pressure this morning with Copper plunging 2.6% and […]
Market Rebound Continues with Retailers and Retail Sales in Focus This Week
Starting tomorrow, SIA Wealth Morning Minutes will be going on summer hiatus. Regular publication should resume on or about August 29th. The new trading week is off to a positive start with US index trading up 0.2%-0.3%, building on the rebound which started late last week. European markets are also in the green so far […]