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Global markets slid amid dimming hopes for a quick end to the Middle East conflict as the U.S. and Iran issued conflicting statements about ceasefire talks. |
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Wall Street futures were in the red after major North American markets closed higher yesterday. |
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TSX futures followed sentiment lower. |
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In Canada, investors are getting results from BRP Inc. |
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“It looks like the market’s relief trade is starting to wobble,” said Charu Chanana, chief investment strategist at Saxo. “Traders are also remembering that one peace rumour does not undo the inflation and rates damage already in the system.” |
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Overseas, the pan-European STOXX 600 was down 1.22 per cent in morning trading. Britain’s FTSE 100 declined 1 per cent, Germany’s DAX dropped 1.5 per cent and France’s CAC 40 fell 0.96 per cent. |
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In Asia, Japan’s Nikkei closed 0.27 per cent lower, while Hong Kong’s Hang Seng fell 1.89 per cent. |
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Oil prices were on the rise, clawing back yesterday’s losses on concerns that protracted fighting in the Middle East will further disrupt energy flows. |
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Brent futures gained 3.8 per cent to US$106.10 a barrel, while West Texas Intermediate (WTI) crude futures were up 3.3 per cent to US$93.33 a barrel. |
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“Optimism regarding a ceasefire has faded,” said Tsuyoshi Ueno, senior economist at NLI Research Institute. |
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He added that the bar set by Washington appeared high, leaving oil prices vulnerable to further volatility depending on negotiations and military actions by both sides. |
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In other commodities, spot gold fell 1.2 per cent to US$4,451.47 an ounce. U.S. gold futures for April delivery lost 2.3 per cent to trade at US$4,448. |
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The Canadian dollar weakened against its U.S. counterpart. |
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The day range on the loonie was 72.25 US cents to 72.45 US cents in early trading. The Canadian dollar was down about 1.05 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 0.06 per cent to 99.66. |
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The euro edged up 0.02 per cent to US$1.1563. The British pound slid 0.07 per cent to US$1.3357. |
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In bonds, the yield on the U.S. 10-year note was last up at 4.380 per cent. |
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Consumer confidence readings released across Europe |
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8:30 a.m. ET: Canada payroll survey for January |
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8:30 a.m. ET: U.S. initial jobless claims |
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12 pm ET: BoC senior deputy governor Carolyn Rogers speaks in Brandon, Man. |
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G7 foreign ministers meeting near Paris, through Friday |
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With Reuters and The Canadian Press |
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