Global markets are starting the week up as investors will analyze a slew of data, earnings and events to gauge how much momentum, if any, in the global economy. Thursday is a big day as the ECB should announce details on its expected QE strategy. With the German Bundesbank and the ECB at odds over QE, any type of compromise to the QE package is of potentially serious concern indeed. China will be releasing Q4 GDP results overnight, expecting some downside risk to estimates and capping off the week, the Greek General Election will be held this Sunday. So, Europe is in the green while overnight in Asia most major markets ended up except for the Shanghai composite getting trounced down 8.30% on regulators tightening margin trading rules at the three largest securities firms. In the U.S, markets are closed for Martin Luther Day. Earnings season picks up this week with housing data also in the spotlight. In Canada, The TSX, on lower volumes is down with global growth concerns again in the spotlight with China’s Q4 GDP data to be released overnight. Despite expected weaker Q4 GDP numbers, the Chinese government is already cushioning expected weaker activity in 2015 with a U$115bln stimulus package of new infrastructure projects. The highlight of the week will be Wednesday’s BOC policy announcement with expectations of a more dovish tone due to oil impact on GDP growth. Today, Canada’s November international securities transaction was released showing foreigners are still buying up our securities with a net $4.29bln gain, but mostly fixed income, with equities being shed for the first time in 15 months. The S&P500 is closed, the DOW is closed and the TSX is down 100 to 14,209. The Loonie is up 12bps to US$0.8357. Bond yields are down with the CDA 5-year at 1.07% and the 10-year at 1.51%. Gold is down 40 cents to U$1,276/oz., Silver is down 2 cents to US$17.74/oz, natural gas is down 12 cents to U$2.96 /btu, copper is down 4 cents to U$2.57 and Oil is down U$1.06 U$48.07/barrel. Have a great day!
Posted on: Mon, 19 Jan 2015 17:03:00 +0000
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