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Global markets moved cautiously higher, with stocks in Asia boosted by AI optimism, though gains were tempered by uncertainty over developments in Ukraine and Sunday’s elections in Germany. |
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Wall Street futures were in positive territory after U.S. markets closed lower yesterday. |
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TSX futures followed sentiments higher. |
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In Canada, investors are getting results from CI Financial Corp., Emera Inc. and Onex Corp. |
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Chinese AI startup “DeepSeek has been a catalyst for sentiment changing,” said Brian Arcese, portfolio manager at Foord Asset Management. |
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Overseas, the pan-European STOXX 600 was up 0.62 per cent in morning trading. Britain’s FTSE 100 gained 0.13 per cent, Germany’s DAX rose 0.31 per cent and France’s CAC 40 advanced 0.64 per cent. |
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In Asia, Japan’s Nikkei closed 0.26 per cent higher, while Hong Kong’s Hang Seng jumped 4 per cent. |
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Oil prices fell but were still poised for a weekly gain on supply disruption in Russia while uncertainty looms over a potential peace deal in Ukraine. |
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Brent futures slipped 0.95 per cent to US$75.75 a barrel, while West Texas Intermediate (WTI) crude lost 1 per cent to trade at US$71.75. |
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“Any immediacy of an ending to the war is disappearing and so are oil trading positions driven by an idea of a Russian future without sanctions,” said PVM analyst John Evans. |
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In other commodities, spot gold was down 0.4 per cent to US$2,926.54 an ounce. Bullion has added about 1.5 per cent this week, after rising to a record $2,954.69 yersterday. U.S. gold futures fell 0.5 per cent to US$2,940.90. |
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The Canadian dollar weakened against its U.S. counterpart. |
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The day range on the loonie was 70.42 US cents to 70.58 US cents in early trading. The Canadian dollar was up about 1.08 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, gained 0.28 per cent to 106.67. |
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The euro declined 0.31 per cent to US$1.0470. The British pound slid 0.16 per cent to US$1.2649. |
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In bonds, the yield on the U.S. 10-year note was last down at 4.491 per cent ahead of the North American opening bell. |
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Japan CPI and manufacturing and services PMI |
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(8:30 a.m. ET) Canadian retail sales for December. The Street is projecting a rise of 1.6 per cent from November. |
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(9:45 a.m. ET) U.S. S&P Global PMI for February. |
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(10 a.m. ET) U.S. existing home sales for January. Consensus is an annualized rate decline of 2.1 per cent. |
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(10 a.m. ET) U.S. University of Michigan Consumer Sentiment in February. |
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(12:30 p.m. ET) Bank of Canada governor Tiff Macklem speaks in Mississauga. |
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With Reuters and The Canadian Press |
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