(As of 7:10 am PST)
Upbeat data out of China is
helping to carry global equity markets higher this morning. China reported
overnight that their exports rose 11.5% in March year-over-year, much higher
than expected. China’s imports declined 7.6% year-over-year which was less of a
decline than expected. The strong export growth came after several months of
declines, but analysts cautioned reading too much into the report and
attributed the gains to a seasonal uptrend. Nevertheless, the headline number
had enough positive momentum to it and the report is carrying markets higher
today. Data in the US has been weak so far this morning. Most notably, a report
on retail sales showed sales falling 0.3% in March after analysts were calling
for growth of 0.1%. Higher gasoline prices were to blame. Another report showed
US wholesale prices fell 0.1% in March reflecting inflation levels remain quite
low. Later in the day we’ll get a report on crude oil inventories and the
release of the Fed’s Beige Book - a report released 8 times per year that
includes detailed information on current economic conditions. Shifting to
corporate news, shares of JPMorgan are higher today after the bank reported
earnings that weren’t as bad as expected. The earnings calendar will pick up in
the coming weeks as more big names get set to report. International markets are
firmly in the green today led by the China news while precious metals and treasury
prices are down with money flowing early to risk assets.
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