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News

Earnings, Euro and Canada in focus as markets digest the week's developments

Global markets have been mixed overnight with traders pausing to reflect on the flood of news we've seen this week. US index futures for the Dow, S&P are up 0.3% with the NASDAQ lagging a bit. Overseas, the FTSE and Dax are up 0.2% while the Hang Seng rose 0.3%. WTI crude oil is up 0.5%, while gold is steady.

Economic news has been light overnight so the focus has been on corporate earnings. Reports remain positive with Microsoft, General Electric. McDonalds and Honeywell all beating the street. 

The US Dollar continues to outperform with traders speculating a rate hike could come this year. EUR is still underperforming with traders taking a dovish read to ECB President Draghi's comments Thursday and speculating some kind of extension of the ECB QE stimulus program past the current March deadline could be announced in December.

Canada and the loonie may attract attention again today around the Canadian retail sales and inflation reports. Speculation about a potential Canada rate cut has increased following this week's Bank of Canada which saw dovish talk out of Governor Poloz and a cut to the bank's GDP forecasts. 

There's been a lot of news for traders ‎to digest this week and markets appear to be pausing for a rest. We also could see traders start to position for next week's GDP reports plus more earnings from big name companies like Apple, Boeing, Google, Coca-Cola, Caterpillar, Tesla Motors, Twitter and many others.

 

Corporate News

MicroSoft        $0.76 vs street $0.68, sales $22.3B vs street $21.7B

General Electric        $0.32 vs street $0.30

Honeywell    $1.67 vs street $1.60

McDonald’s    $1.50 vs street $1.48


Celestica        $0.32 vs street $0.31


Economic News

There were no major economic announcements overnight


Upcoming significant economic announcements include:

8:30 am EDT        Canada retail sales        street 0.3% vs previous (0.1%)
8:30 am EDT        Canada retail ex auto        street 0.3% vs previous (0.1%)

8:30 am EDT        Canada consumer prices    street 1.4% vs previous 1.1%
8:30 am EDT        Canada core CPI        street 1.8%

10:15 am EDT        FOMC Tarullo speaking
2:30 pm EDT        FOMC Williams speaking


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Disclaimer: CMC Markets is an execution-only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.