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Global markets took a breather after rallies as investors packed up a week of economic data that did not temper expectations of U.S. Federal Reserve interest rate cuts. |
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Wall Street futures were in negative territory following yesterday’s record closes. |
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TSX futures followed sentiment lower after Canada’s main stock market closed at a fresh high yesterday. |
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“Even if we have some weaker numbers on the job market, the markets are really focusing on the Fed impact that will give a new boost to growth in the future,” said Amelie Derambure, senior multi-asset portfolio manager at Amundi. |
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Overseas, the pan-European STOXX 600 was down 0.16 per cent in morning trading. Britain’s FTSE 100 rose 0.27 per cent, Germany’s DAX slid 0.36 per cent and France’s CAC 40 fell 0.55 per cent. |
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In Asia, Japan’s Nikkei closed 0.89 per cent higher, while Hong Kong’s Hang Seng gained 1.16 per cent. |
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Oil prices steadied as concern about oversupply and weaker U.S. demand were offset by supply disruption risks from conflict in the Middle East and Ukraine. |
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Brent crude futures rose 0.2 per cent to US$66.49 a barrel, and West Texas Intermediate (WTI) crude gained 4 US cents to $62.41. |
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While there is a risk of a tumble in oil prices, factors such as tightness in the distillates market, sustained buying from China to fill inventories and potential sanctions on Russia and secondary sanctions on its customers are keeping the market supported, said PVM Oil Associates analyst John Evans. |
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In other commodities, spot gold was up 0.3 per cent at US$3,643.07 an ounce. U.S. gold futures for December delivery rose 0.2 per cent to US$3,680.80. |
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The Canadian dollar weakened against its U.S. counterpart. |
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The day range on the loonie was 72.19 US cents to 72.31 US cents in early trading. The Canadian dollar was down about 0.15 per cent against the greenback over the past month. |
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The U.S. dollar index, which weighs the greenback against a group of currencies, climbed 0.17 per cent to 97.70. |
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The euro slid 0.07 per cent to US$1.1726. The British pound dropped 0.15 per cent to US$1.3552. |
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In bonds, the yield on the U.S. 10-year note was last up at 4.042 per cent. |
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Japan industrial production |
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(8:30 a.m. ET) Canadian building permits for July. Estimate is a month-over-month increase of 5 per cent (versus a decline of 9 per cent in June). |
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(8:30 a.m. ET) Canada’s capacity utilization for Q2. |
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(10 a.m. ET) U.S. University of Michigan Consumer Sentiment Survey for September. |
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With Reuters and The Canadian Press |
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