With this week being the start of the holiday season in the US, markets will be fairly quiet going into the Thanksgiving holiday on Thursday and while markets will be open Friday volumes will be much lower. I will be on the road Thursday and Friday in and out of meetings both days, but accessible and will be checking in often. The Morning Blog will be attachments only Thursday and back to normal Friday.
Overnight in Asia, markets were mixed with Japan up 1.5% and China down about a half a point. Japan’s rise is on top of analysts suggesting that Abenomics starting to take effect as the deflationary period in the region is coming to an end. China on the other hand after a 7% move higher in the last week alone was off on profit taking.
Europe is up a about a half a point on solid US markets, the Iran nuclear deal with the US suggesting the country will curb further nuclear development and comments from the ECB that the region will not slip back into a full recession as growth continues to be positive.
The US and Canadian futures markets are higher this morning by about a quarter point on much of the above news along with the fact the dollar is stronger this morning.
The stronger US currency is causing more concern for gold investors as the commodity is off 10.00 to 1234.00, oil on the Iran deal is down 1.20 to 93.563 and the loonie is trading lower by a quarter cent to 94.80. The US and Canadian 10 year bonds are lower this morning with yields at 2.75% and 2.59% respectively.
|Kenneth A. Dick, BA, CIM, CFP, FCSI
Branch Manager & Portfolio Manager | Independent Wealth Management
Canaccord Genuity Wealth Management