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News

Stocks rally as energy and metals keep climbing

Stock markets around the world are rallying again today. US index futures are up 0.2% with the S&P trading up at new highs again, confirming the previous breakout by the Dow. In Europe the FTSE is up 0.9% while the Dax is up 0.5%.

Energy commodities continue to climb on speculation a production deal could be reached soon ahead of the November 30 big OPEC meeting and on the sudden arrival of winter in the East and Midwest. ‎Metals are also rallying again today with Copper up another 1.4% and silver up 1.3%. 

Commodity action is driving rallies in resource stocks and also resource currencies with CAD, NOK, AUD and NZD all posting gains overnight. Gold is also on the rebound along with JPY, EUR and GBP to a lesser extent as USD's big rally nears exhaustion.

It's another light day for data with the highlight being Canada retail sales. Tomorrow bringa a flurry of US numbers. Today stateside the focus is on Donald Trump's video outlining his plans for his first 100 days in office. In the video he outlines plans to walk away from the Trans Pacific Trade Partnership (TPP) and replace it with more favourable bilateral deals. This could support stocks in general as it indicates the administration remains open to trade under better terms for the US.

He also indicated plans to ‎emphasise manufacturing at home, invest in stronger cyber security and loosen restrictions on clean coal and shale energy production. This could influence trading in the auto, steel, manufacturing, coal, energy, and IT security sectors today, we'll see if this has been priced in already or if anticipation has room to grow even further. He did not mention NAFTA or Mexico sparking a relief rally in MXN but it may only get so far as decisions related to Mexican trade and immigration may come later. There also was no mention of infrastructure spending in the video. 


Corporate News

Analog Devices        $1.05 vs street $0.89


Economic News

UK CBI total orders         (3) vs street (8) vs previous (17)
UK CBI selling prices        19 vs previous 8


Upcoming significant economic announcements include:

8:30 am EST        Canada retail sales    street 0.6% vs previous (0.1%)
8:30 am EST        Canada retail ex auto    street 0.5% vs previous 0.0%

10:00 am EST        US existing home sales    street 5.44M
10:00 am EST        US Richmond Fed    street 0 vs previous (4)


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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.