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Global markets were muted on receding prospects of a deal to end the conflict in the Middle East. |
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TSX futures were in positive territory after U.S. President Donald Trump said he had reached a trade deal with Canada and will postpone his latest round of threatened tariffs for three days while the agreement is finalized. |
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Wall Street futures little changed ahead of the release this afternoon of the latest Federal Reserve meeting minutes. |
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On Wall Street, markets are watching earnings from Analog Devices Inc., TJX Cos. Inc., Lowe’s Cos. Inc., Target Corp. and Estee Lauder Cos. Inc. |
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Overseas, the pan-European STOXX 600 was down 0.11 per cent in morning trading. Britain’s FTSE 100 slid 0.17 per cent, Germany’s DAX declined 0.1 per cent and France’s CAC 40 advanced 0.3 per cent. |
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In Asia, Japan’s Nikkei closed 3.16 per cent lower, while Hong Kong’s Hang Seng climbed 0.09 per cent. |
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Oil prices hit a three-week high as uncertainty over shipping through the Strait of Hormuz and continuing supply disruptions supported the market. |
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Brent crude futures rose 1 per cent to US$91.93, while West Texas Intermediate (WTI) crude futures were up 1.14 per cent to US$85.91 a barrel. |
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“Confidence in safe passage remains low, with shipping volumes still running well below normal levels. That persistent uncertainty continues to keep a geopolitical risk premium embedded in the oil price,” KCM chief market analyst Tim Waterer said. |
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In other commodities, spot gold gained 0.5 per cent to US$4,356.29 an ounce, while U.S. gold futures slipped 0.2 per cent to US$4,410.30. |
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The Canadian dollar strengthened against its U.S. counterpart. |
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The day range on the loonie was 71.89 US cents to 72.10 US cents in early trading. The Canadian dollar was up about 1.54 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, fell 0.26 per cent to 99.40. The dollar was pegged at $1.3874. |
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The euro gained 0.26 per cent to US$1.1608. The British pound rose 0.19 per cent to US$1.3559. |
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In bonds, the yield on the U.S. 10-year note was last down at 4.701 per cent. |
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Japan core machine orders |
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Euro zone CPI and labour costs |
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8:30 a.m. ET: Canada’s household and mortgage credit for June. |
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8:30 a.m. ET: Canada’s construction investment for June. |
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2 p.m. ET: U.S. Fed minutes from June 28-29 meeting are released. |
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With Reuters and The Canadian Press |
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