- Commodities Advance, Boosting Miners; European Equities Decline (Bloomberg) Precious metals led commodities higher, boosting mining stocks, on speculation central banks in some of the world’s leading economies will step up monetary stimulus in the wake of Britain’s decision to leave the European Union.
- K. Construction Shrinks at Fastest Pace Since 2009 on Brexit (Bloomberg) U.K. construction unexpectedly shrank at the fastest pace since 2009 in June as the impending vote on Britain’s European Union membership stymied residential building.
- British government faces legal challenge over Brexit trigger (Reuters) Law firm Mishcon de Reya said it had started legal action to demand the British government win legislative approval from Parliament before triggering a formal divorce from the European Union.
- Oil climbs as market seen in balance, but slow demand weighs (Reuters) Oil prices rose on Monday following comments from the Saudi energy minister that the market was heading towards balance, although signs of slowing demand in Asia weighed.
- Japan firms’ price expectations slide, keep BOJ under pressure (Reuters) Japanese companies’ inflation expectations fell slightly in June from three months ago, the Bank of Japan’s tankan survey showed, adding to growing doubts over its argument that aggressive money printing will accelerate price growth to its 2 Photographer: Andrey Rudakov/Bloomberg
- Russian Oil Exports Set for Record as Europe Competition (Bloomberg) Russian crude exports are on track to set a record this year, which is intensifying competition in Europe as Iran boosts shipments to the region.
- Brazil Economists Forecast Slower Inflation on Stronger Currency (Bloomberg) Brazil economists reduced their 2016 inflation forecast for the first time in seven weeks as they foresee a stronger currency this year and next.
- Overview: US 10yr note futures are up 0.0822% at 133-6, S&P 500 futures are up 0.13% at 2099, Crude oil futures are up 0.31% at $49.14, Gold futures are up 1.14% at $1354.3, DXY is down -0.02% at 95.631.
US Economic Data
- There is no major economic data for today.
Canadian Economic Data
- 9:30 AM: RBC Canadian Manufacturing Index, June, (prior 52.1)
- 10:00 AM: BOC Business Outlook Survey, Q2 (prior 16.00)
- BOC Senior Loan Officer Survey, Q2 (prior 6.6)
Disclosure and Disclaimer
The following sources of information have been, or may have been, used partially or in their entirety to compile the herein provided CTI Capital Securities Inc. (“CTI Capital”) ‘Morning Comments.’ CTI Capital believes these sources to be generally reliable, however, as said sources are varied and from third parties, CTI Capital cannot guarantee the accuracy or completeness of said information: Canadian Press (CP); Bloomberg News (BN); Wall Street Journal (WSJ); Stone & McCarthy Research Associates (SMRA); New York Times (NYT); Financial Times (FT); Market News International (MNI); Globe and Mail; Associated Press (AP); CNW Group (CNW); Reuters; Business News Network (BNN); Market Watch; and others.
Ivan Greenstein, Stephan Buu, David Leclair-Legault
Institutional Bond and Equity Desk
CTI Capital Valeurs Mobilières Inc.
Tel : (514)-861-0240