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Global markets took a breather at the end of a rally-filled week. |
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Wall Street futures were in positive territory after a winning session on U.S. markets yesterday. Markets will be closed Monday for the Martin Luther King Jr. Day holiday. |
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TSX futures pointed higher after Canada’s main stock market posted a fresh record high yesterday. |
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On Wall Street, markets are watching earnings from M&T Bank Corp., PNC Financial Services Group Inc. and State Street Corp. |
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“As we dive into the heart of earnings season in the coming weeks, tech results will be scrutinized in far greater detail,” Ipek Ozkardeskaya, senior analyst at Swisquote, wrote in a note. |
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“AI stocks are valued to perfection and leave no room for error. ... It increasingly feels as though Big Tech’s ability to impress is diminishing, a risk that matters given its outsized weight in equity [indexes].” |
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Overseas, the pan-European STOXX 600 was down 0.05 per cent in morning trading. Britain’s FTSE 100 advanced 0.13 per cent, Germany’s DAX slipped 0.24 per cent and France’s CAC 40 gave back 0.51 per cent. |
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In Asia, Japan’s Nikkei closed 0.32 per cent lower, while Hong Kong’s Hang Seng declined 0.29 per cent. |
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Oil prices rose as supply risks remained in focus despite the receding likelihood of a U.S. military strike against Iran. |
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Brent gained 0.78 per cent to US$64.26 a barrel, while West Texas Intermediate (WTI) advanced 0.81 per cent to US$59.67 a barrel. |
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“Given the potential political upheaval in Iran, oil prices are likely to experience greater volatility as markets digest the potential for supply disruptions,” BMI analysts said in a note to clients. |
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In other commodities, spot gold eased 0.3 per cent to US$4,600.49 an ounce. U.S. gold futures for February delivery were 0.4 per cent lower at US$4,604.70. |
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The Canadian dollar strengthened against its U.S. counterpart. |
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The day range on the loonie was 71.83 US cents to 72.06 US cents in early trading. The Canadian dollar was down about 0.6 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, declined 0.1 per cent to 99.22. |
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The euro rose 0.09 per cent to US$1.1620. The British pound advanced 0.2 per cent to US$1.3407. |
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In bonds, the yield on the U.S. 10-year note was last down at 4.176 per cent. |
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8:15 a.m. ET: Canadian housing starts for December. Estimate is an annualized rate decline of 1.6 per cent. |
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8:30 a.m. ET: Canada’s international securities transactions for November. |
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9:15 a.m. ET: U.S. industrial productions and capacity utilization for December. |
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10 a.m. ET: U.S. NAHB Housing Market Index for January. |
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With Reuters and The Canadian Press |
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