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Global markets took a breather as investors turned cautious ahead of the release of U.S. economic data, even as expectations of Federal Reserve interest rate cuts rose. |
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Wall Street futures were in negative territory after major North American markets closed up yesterday. Dow futures were down 0.16 per cent, S&P 500 futures slipped 0.19 per cent and Nasdaq futures were 0.33 per cent lower as of 5:50 a.m. ET. |
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TSX futures were on the rise. |
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On Wall Street, markets are watching earnings from Alibaba ADR, Analog Devices Inc., Dell Technologies Inc., Autodesk Inc., Best Buy Co Inc., Workday Inc. and HP Inc. |
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Markets await the release of a producer inflation report and retail sales figures in the U.S. following the longest ever government shutdown, which left markets and the Fed navigating a data gap. |
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“This is going to be the first sort of real insight that we’ll be getting into how the economy held up across that long shutdown, so understandably, there is an element of caution,” said Fiona Cincotta, senior market analyst at City Index. |
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Overseas, the pan-European STOXX 600 was up 0.09 per cent in morning trading. Britain’s FTSE 100 climbed 0.25 per cent, Germany’s DAX gave back 0.02 per cent and France’s CAC 40 advanced 0.06 per cent. |
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In Asia, Japan’s Nikkei closed 0.07 per cent higher, while Hong Kong’s Hang Seng rose 0.69 per cent. |
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Oil prices eased as concerns supply will exceed demand next year outweighed worries that Russian shipments will remain under sanctions as talks to end the Ukraine war remain inconclusive. |
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Brent futures fell 0.3 per cent to US$63.17 a barrel. West Texas Intermediate (WTI) crude declined 0.3 per cent to US$58.68. |
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“In the short-term, the key risk is oversupply and current price levels seem vulnerable,” Priyanka Sachdeva, senior market analyst at Phillip Nova, said in a note. |
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In other commodities, spot gold dipped 0.2 per cent to US$4,129.89 an ounce, after surging more than 2 per cent yesterday. U.S. gold futures for December delivery were 0.8 per cent higher at US$4,126.60 an ounce. |
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The Canadian dollar weakened against its U.S. counterpart. |
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The day range on the loonie was 70.79 US cents to 70.90 US cents in early trading. The Canadian dollar was down about 1.25 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, edged lower 0.05 per cent to 100.09. |
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The euro advanced 0.1 per cent to US$1.1534. The British pound gained 0.13 per cent to US$1.3122. |
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In bonds, the yield on the U.S. 10-year note was last up at 4.037 per cent. |
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8:30 a.m. ET: Canadian wholesale trade for October. |
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8:30 a.m. ET: U.S. retail sales for September. Estimate is a rise of 0.4 per cent from August. |
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8:30 a.m. ET: U.S. PPI final demand for September. Estimate is a gain of 0.3 per cent from August and up 2.8 per cent year-over-year. |
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9 a.m. ET: U.S. S&P Cotality Case-Shiller Home Price Index (20 city) for September. |
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9 a.m. ET: U.S. FHFA House Price Index for September. |
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10 a.m. ET: U.S. business inventories for August. The Street expects a month-over-month drop of 0.1 per cent. |
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10 a.m. ET: U.S. Conference Board Consumer Confidence Index for November. |
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10 a.m. ET: U.S. pending home sales for October. |
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Also: Quebec and Saskatchewan fall fiscal update |
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With Reuters and The Canadian Press |
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