U.S. equities are higher this morning, however they are finishing the week lower, commodities continue to languish, oil prices are down 8% on the week with no signs of an uptick. Covid-19 is still the topic of discussion, inflation is still around, but if Covid starts to really impact the global economies then it will dissipate quickly.
There is one thing that is sitting on the side lines that may pop up quickly and that is China, Hong Kong and the other Asian equity markets. Hong Kong’s Hang Seng Index plunged 1.84% to close at 24,849.72, with Friday’s losses leaving the index more than 20% lower from its mid-February high. Asian investors are watching with great trepidation to see of the Chinese government will further strengthen its securities regulations.
Japanese stocks are as Toyota and other Japanese automakers finally succumbed to the lack of computer chips and thereby slowing and stopping production all together.
Canadian retail sales are up but below expectations, still its up, the Canadian dollar is a bit weaker, given the sell-off in oil, theoretically it should be even weaker to the USD.
Expect a narrow range, with the CAD trading on the weak side.
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