After a difficult spell for riskier assets last week–e.g., the S&P500 lost 1.2%–it appears that we are beginning this week on the right foot. European equities have rallied by a bit over 1.0% compared to their closing levels on Friday. However the same does not hold true for commodities, with oil, gold and silver all down this morning. As a result, the loonie has remained essentially unchanged from where it ended the week on Friday.
In economic news, we are awaiting Canadian Industrial Product Price Index figures, this morning. Markets expect a dip of -0.1% for August, on the heels of a -0.5% decline in July. This could be considered good news, to the extent that this negative growth helps to keep CPI inflation in check for the average Canadian.
South of the border, ISM Manufacturing Index figures for September will be released this morning. Markets are currently forecasting an index of 49.8, essentially unchanged from 49.6 for August. Given the most recent actions by the Fed, it would be highly surprising to have the ISM Index come in well above expectations.
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After The S&P 500 Lost 1.2% Last Week, A Step Up
Published 10/03/2012, 03:00 AM
Updated 05/14/2017, 06:45 AM
After The S&P 500 Lost 1.2% Last Week, A Step Up
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