Global markets were on the rise as artificial intelligence-related stocks found some respite after a selloff, while gains were tempered by elevated oil prices and caution ahead ⁠of U.S. ​inflation data.

Wall Street futures were in positive territory after major U.S. markets closed down yesterday.

TSX futures pointed higher after a rebound in telecom stocks yesterday.

On Wall Street, markets are watching earnings from ASML Holding N.V., Bank of America Corp., Morgan Stanley, BlackRock Inc., Progressive Corp., Fastenal Co. and State Street Co.

“Investors continue to decisively favour tech” including the semiconductor and hardware sectors, with concerns about stretched valuations having eased, Bank of America said in a survey of Asian fund managers.

Overseas, the pan-European STOXX 600 was up 0.63 per cent in morning trading. Britain’s FTSE 100 rose 0.42 per cent, Germany’s DAX gained 0.6 per cent and France’s CAC 40 advanced 0.64 per cent.

In Asia, Japan’s Nikkei closed 0.05 per cent higher, while Hong Kong’s Hang Seng slipped 0.13 per cent.

Oil prices climbed after two vessels were ​struck in the Strait of Hormuz and Iranian ‌officials told Reuters they were deploying new tactics to target ships, as Tehran seeks to keep oil prices high.

Brent crude futures rose 0.69 per cent to US$106.30 ⁠a barrel. West Texas Intermediate (WTI) crude futures gained 1.2 per cent to US$95.26 a barrel.

The Iranian officials declined to provide details of the new strategy, but one said that the country had started ​using different offensive tactics against vessels it considered in ‌violation of its restrictions about 10 days ago, adding that this had led to an increase in attacks on such ships.

“The fact that Iranian officials are openly ‌admitting to ​undermining U.S. efforts to keep ‌oil prices under control speaks volumes about the real intentions behind the so-called ‘peace talks,’ ” said ​Priyanka Sachdeva, head of market insights at Phillip Nova.

In other commodities, spot gold slipped 0.3 per cent to US$4,142.85 an ounce. U.S. gold futures for December delivery fell 0.3 per cent to US$4,165.40.

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

The day range on the loonie was 70.29 US cents to 70.44 US cents in early trading. The Canadian dollar was down about 1.58 per cent against the greenback over the past month. It traded at $1.4213 per US$1.

The U.S. dollar index, which weighs the greenback against a group of currencies, advanced 0.06 per cent to 102.24.

The euro slipped 0.05 per cent to US$1.1193. The British pound rose 0.11 per cent to US$1.3268.

In bonds, the yield on the U.S. 10-year note was last down at 5.200 per cent.

China inflation data for September and its trade surplus

2:05 a.m. ET: BoC governor Tiff Macklem participates in a fireside chat on growth, risk and the new map of global finance in Bangkok

8:30 a.m. ET: Canada building permits for August. BMO expects a 3-per-cent rise.

8:30 a.m. ET: U.S. consumer prices. Consensus is for a monthly rise of 0.6 per cent and 3.6 per cent year over year. Excluding food and energy, they are expected to be up 2.5 per cent.

2 p.m. ET: The U.S. Federal Reserve’s Beige Book of economic conditions

With Reuters and The Canadian Press