Global markets were mixed ahead of an event-filled week, as investors eyed growing expectations of a U.S. Federal Reserve rate cut in December even as policymakers remain divided over such a move.

Wall Street futures were mixed and TSX futures inched lower after major North American markets closed up Friday.

Dow futures were off 0.0.2 per cent, S&P 500 futures rose 0.26 per cent and Nasdaq futures were 0.47 per cent higher at 6:20 a.m. ET.

In Canada, investors are getting results from Alimentation Couche-Tard Inc.

On Wall Street, markets are watching earnings from Zoom Communications Inc.

“We expect another Fed cut in December, followed by two more moves in March and June 2026 that take the funds rate to 3-3.25 [per cent],” said Goldman Sachs chief economist Jan Hatzius in a note.

“The risks for next year are tilted toward more cuts, as the news on underlying inflation has been favorable and the deterioration in the job market ... might be difficult to contain via the modest cyclical growth acceleration we expect.”

Overseas, the pan-European STOXX 600 was up 0.06 per cent in morning trading. Britain’s FTSE 100 rose 0.14 per cent, Germany’s DAX advanced 0.46 per cent and France’s CAC 40 gave back 0.07 per cent.

In Asia, Japan’s Nikkei was closed, while Hong Kong’s Hang Seng rose 1.97 per cent.

Oil prices fell, extending last week’s decline of about 3 per cent, as investors weighed the chances for a U.S. rate cut against the prospect of a Russia-Ukraine deal that could free up more Russian supply through an easing of sanctions.

Brent crude futures slipped 0.9 per cent to US$61.98 a barrel. West Texas Intermediate (WTI) crude was down 1 per cent at US$57.46 a barrel.

“The selloff was triggered mainly by President [Donald] Trump’s forceful push for a Russia-Ukraine peace deal, which markets see as a fast track to unlocking substantial Russian supply,” IG analyst Tony Sycamore wrote in a note.

In other commodities, spot gold was up 0.1 per cent to US$4,070.97 an ounce. U.S. gold futures for December delivery fell 0.3 per cent to US$4,067.80 an ounce.

The Canadian dollar weakened against its U.S. counterpart.

The day range on the loonie was 70.83 US cents to 70.97 US cents in early trading. The Canadian dollar was down about 0.85 per cent against the greenback over the past month.

The U.S. dollar index, which weighs the greenback against a group of currencies, slid 0.1 per cent to 100.08.

The euro climbed 0.23 per cent to US$1.1540. The British pound declined 0.05 per cent to US$1.3091.

In bonds, the yield on the U.S. 10-year note was last down at 4.053 per cent.

Germany business sentiment, which unexpectedly fell in November, a survey showed, as companies lose hope on an economic recovery following two years of contraction.

8:30 a.m. ET: Canada’s manufacturing sales for October.

12 p.m. ET: U.S. annual revision to industrial production

With Reuters and The Canadian Press