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Global markets gained ground on China’s better than expected economic data and upbeat earnings, while investors turned attention to what Monday’s U.S. presidential inauguration of Donald Trump might bring. |
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Wall Street futures were in positive territory after markets closed lower yesterday. |
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TSX futures followed sentiment higher as crude prices climbed. |
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“China markets still face structural headwinds as well as tariff risks, and the response to those will be the ultimate driver of long-term returns,” said Charu Chanana, chief investment strategist at Saxo. |
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Overseas, the pan-European STOXX 600 was up 0.72 per cent in morning trading. Britain’s FTSE 100 rose 1.16 per cent, Germany’s DAX gained 1 per cent and France’s CAC 40 advanced 0.98 per cent. |
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In Asia, Japan’s Nikkei closed 0.31 per cent lower, while Hong Kong’s Hang Seng climbed 0.31 per cent. |
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Oil prices edged higher, heading for a fourth consecutive week of gains, as the latest U.S. sanctions on Russian energy trade heightened expectations for oil supply disruptions. |
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Brent crude futures were up 0.4 per cent to US$81.59 a barrel. West Texas Intermediate (WTI) crude futures rose 0.5 per cent to US$79.09 a barrel. |
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“Supply concerns from U.S. sanctions on Russian oil producers and tankers, combined with expectations of a demand recovery driven by potential U.S. interest rate cuts, are bolstering the crude market,” said Toshitaka Tazawa, an analyst at Fujitomi Securities. |
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In other commodities, spot gold eased 0.3 per cent to US$2,706.71 an ounce. U.S. gold futures dropped 0.7 per cent to US$2,732. |
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The Canadian dollar weakened against its U.S. counterpart. |
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The day range on the loonie was 69.36 US cents to 69.50 US cents in early trading. The Canadian dollar was down about 0.22 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 0.08 per cent to 109.05. |
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The euro rose 0.08 per cent to US$1.0311. The British pound fell 0.21 per cent to US$1.2213. |
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In bonds, the yield on the U.S. 10-year note was last down at 4.597 per cent ahead of the North American opening bell. |
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China GDP, industrial production, retail sales and fixed asset investment |
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(8:30 a.m. ET) Canadian international securities transactions for November. |
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(8:30 a.m. ET) Canada’s household and mortgage credit for November. |
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(8:30 a.m. ET) U.S. housing starts for December. The Street expects an annualized rate rise of 2.0 per cent. |
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(8:30 a.m. ET) U.S. building permits for December. Consensus is an annualized rate decline of 2.2 per cent. |
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(9:15 a.m. ET) U.S. industrial production and capacity utilization for December. |
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With Reuters and The Canadian Press |
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