Earnings Driven Selloff and Bank of Canada Preview
Stock markets around the world have turned decisively downward overnight and into the morning. Overseas, The Hang Seng lost 0.9%, the Nikkei fell 1.1%, the CAC is down 1.0%, the Dax is down 0.7% and the FTSE is down slightly. Yesterday’s small losses for US indices have accelerated with NASDAQ futures down 1.3%, S&P futures […]
Ether ETF Launch and Earnings News In Focus
Earnings season resumes today with mixed results United Parcel Service is down 7.8% in premarket trading after disappointing on earnings ($1.79 vs street $1.99), while General Motors* is up 4.9% premarket after beating the street ($3.06 vs street $2.71), GE Aerospace* is up 3.2% premarket on a positive earnings report ($1.20 vs street $0.99), and […]
A Busy Week Starts With a Chinese Interest Rate Cut
Overnight, the People’s Bank of China capped off another weekend of summer surprises with a surprise 0.1% interest rate cut to 3.35%. In response to the news Hong Kong rallied 1.25%, while Shanghai fell by 0.6%. The reaction from other major Asia Pacific markets and commodities was bearish, however, indicating that investors view interest rate […]
Retail Sales Declines Spark Selloffs Amid a Major Technology Outage
Overseas markets have been in full retreat overnight and into this morning with the Hang Seng dropping 2.0%, the Dax down 0.7% and the FTSE falling 0.5%. US index futures are mixed with NASDAQ futures up 0.15% and Dow futures down 0.25%. Retail sales from the UK (-0.2% vs street +0.2% and previous 1.7%) and […]
ECB Goes One and Done as NASDAQ Tries to Pick Up The Pieces
The European Central Bank held its benchmark interest rate steady this morning, pausing its monetary easing program after one rate cut. President Lagarde indicated that inflation remains elevated and because of this it is now waiting on more data before deciding on what to do next. With the Bank of Canada and the Fed Open […]
NASDAQ Futures Come Under Pressure
Followers of the Morning Minutes may recall that one of the big themes of trading in the spring was market gains becoming concentrated in a small number of (mainly technology) stocks at the expense of other sectors. As we move further into July, the pendulum appears to be swinging back the other way. Yesterday, for […]
Oil Retreats as Traders Digest Housing, Retail and Inflation Numbers
We are continuing to see a significant and growing divergence in performance between US and overseas markets. Adding to Monday’s US index gains of 0.4%-0.5% gains, US index futures are all up about 0.2%. Adding to Monday’s losses, the Hang Seng is down 1.6% while the FTSE and Dax are both down about 0.5%. Yesterday’s […]
Mixed Markets Reflect on Trump, China and Earnings News
US index futures are all up about 0.5% to start the trading week as investors consider what the failed assassination attempt on former US President Trump over the weekend could mean for the November Presidential Election result and the prospects of political unrest between now, then and beyond. The Republicans are holding their National Convention […]
Mixed Markets Digest Election Results and Await Earnings Reports
The Morning Minutes will not be published the rest of this week, they should return on Monday July 15th. Asia Pacific stocks sold off to start the trading week, with Hong Kong down 1.5%, Shanghai down 0.9% and Tokyo down 0.3%. Concerns about China’s economy have spilled over into commodity markets where US Crude Oil […]
Bitcoin Gets Hammered Again, Canada Jobs Disappoint
US markets return to trading today with index futures up 0.2% across the board. Stocks had been drifting downward but have rallied following a mixed US employment report. Headline job growth of 206K beat the street by 16K but traders have decided to ignore that the previous month was revised down 54K. Wage inflation, in […]