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Global markets were mixed after Iran said it was nearing a final pact with Oman defining new shipping lanes in the Strait of Hormuz, and as markets awaited key U.S. inflation data on Wednesday. |
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Wall Street futures were also mixed with the Dow pointing lower. |
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TSX futures were little changed after Canada’s main stock market closed at a fresh record high on Friday. |
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In Canada, investors are getting results from Barrick Mining Corp., AGT Food and Ingredients Inc., Cargojet Inc., CT REIT, K92 Mining Inc. and Silvercorp Metals Inc. |
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“We are keeping our view of no hikes from the Fed for this year,” said Mohit Kumar, a senior European economist at Jefferies. “Key would be this week’s inflation report.” |
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Overseas, the pan-European STOXX 600 was up 0.04 per cent in morning trading. Britain’s FTSE 100 slid 0.27 per cent, Germany’s DAX rose 0.29 per cent and France’s CAC 40 gave back 0.11 per cent. |
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In Asia, Japan’s Nikkei closed 2.08 per cent higher, while Hong Kong’s Hang Seng rose 1.05 per cent. |
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Oil prices climbed as optimism over talks to reopen the Strait of Hormuz was tempered by Iran’s insistence that the United States must satisfy several demands before the waterway could reopen. |
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Brent crude futures stood at US$84.60 a barrel, up 1.26 per cent. West Texas Intermediate crude futures gained 1.14 per cent to US$79.085. Both benchmarks fell more than 7 per cent last week on hopes that Iran and Oman were close to reaching a deal that would result in a reopening of the Strait of Hormuz |
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“Any major progress towards restoring unrestricted shipping could exert downward pressure on oil prices, while a breakdown in negotiations or renewed supply disruptions could quickly revive the geopolitical risk premium,” said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm. |
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In other commodities, spot gold was up 0.1 per cent to US$4,345.09 an ounce. U.S. gold futures rose 0.1 per cent to US$4,404.80. |
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The Canadian dollar weakened against its U.S. counterpart. |
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The day range on the loonie was 71.59 US cents to 71.77 US cents in early trading. The Canadian dollar was up about 1.52 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, rose 0.13 per cent to 99.67. The dollar was pegged at $1.3945. |
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The euro advanced 0.01 per cent to US$1.1561. The British pound rose 0.04 per cent to US$1.3497. |
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In bonds, the yield on the U.S. 10-year note was last up at 4.660 per cent. |
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China CPI, PPI, aggregate yuan financing and new yuan loans |
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With Reuters and The Canadian Press |
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