Global markets were mixed as investors assessed the durability of an interim ceasefire in the Middle East after the U.S. and Iran agreed to halt recent hostilities and renew talks.

Wall Street futures were in positive territory after U.S. markets closed lower on Friday.

TSX futures followed sentiment higher.

“The market can take some relief in the lower oil prices and its impact on the global economy,” said Mohit Kumar, chief European economist at Jefferies.

“Lower oil prices should lead to a diversification trade and growth-sensitive sectors which have suffered in the last few months should outperform.”

Overseas, the pan-European STOXX 600 was down 0.13 per cent in morning trading. Britain’s FTSE 100 declined 0.29 per cent, Germany’s DAX advanced 0.06 per cent and France’s CAC 40 fell 0.44 per cent.

In Asia, Japan’s Nikkei closed 0.15 per cent higher, while Hong Kong’s Hang Seng gained 1.57 per cent.

Oil prices steadied as Iran and the United States agreed to halt recent hostilities in the Gulf and Middle East producers pushed ahead with loading oil and liquefied natural gas despite fresh ship attacks. The two countries also agreed to renew talks over the Strait of Hormuz, raising hopes of saving an interim peace deal that had been threatened by days of tit-for-tat strikes.

Brent crude futures were up 1.25 per cent to $72.89 a barrel. West Texas Intermediate (WTI) crude gained 1.6 per cent to US$70.33.

“There’s still plenty of risk facing the oil market. Even so, participants appear to be ... focusing on what a continued recovery in oil flows would mean for the global balance,” ING analysts said in a note on Monday.

In other commodities, spot gold was down 0.9 per cent at US$4,049.90 an ounce. U.S. gold futures for August delivery lost 0.8 per cent to trade at US$4,063.50.

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

The day range on the loonie was 70.37 US cents to 70.55 US cents in early trading. The Canadian dollar was down about 2.47 per cent against the greenback over the past month.

The U.S. dollar index, which weighs the greenback against a group of currencies, slid 0.11 per cent to 101.25. The dollar was pegged at $1.4192.

The euro rose 0.16 per cent to US$1.1402. The British pound gained 0.09 per cent to US$1.3214.

In bonds, the yield on the U.S. 10-year note was last up at 4.388 per cent.

China industrial profits and Japan retail sales for May

Euro area economic confidence survey

With Reuters and The Canadian Press