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Global shares rose ahead of key U.S. inflation data that investors believe will not prevent the Federal Reserve from cutting rates next week. |
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Wall Street futures were mixed after major U.S. markets closed little changed yesterday. |
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TSX futures edged lower after Canada’s main stock market hit a fresh record close yesterday on stronger than expected bank earnings. |
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In Canada, investors are getting results from Laurentian Bank of Canada. |
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“Today’s PCE data will have little impact on expectations for next week’s Fed meeting,”Ipek Ozkardeskaya, senior analyst at Swissquote, wrote in a note. “Both headline and core are expected to stick near 3 per cent, but steady. Absent a shock, U.S. equities likely finish the week on an upbeat note.” |
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Overseas, the pan-European STOXX 600 was up 0.4 per cent in morning trading. Britain’s FTSE 100 rose 0.15 per cent, Germany’s DAX gained 0.67 per cent and France’s CAC 40 advanced 0.45 per cent. |
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In Asia, Japan’s Nikkei closed 1.05 per cent lower, while Hong Kong’s Hang Seng climbed 0.58 per cent. |
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Oil prices were steady, supported by stalled Ukraine peace talks, though gains were offset by expectations of a supply glut. |
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Brent crude fell about 0.1 per cent to $63.18 a barrel. WTI dipped 0.2 per cent to $59.53 a barrel. |
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“It is quite flat today and this week had a narrow trading range,” said Tamas Vargas, an oil market analyst at PVM. “The lack of progress in the Ukrainian peace talks provides a bullish backdrop but on the other hand, resilient OPEC production provides a bearish backstop. These two opposing forces make trading seemingly quiet.” |
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In other commodities, spot gold rose 0.4 per cent to US$4,225.11 an ounce. U.S. gold futures for February delivery edged 0.3 per cent higher to US$4,255.90 an ounce. |
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The Canadian dollar strengthened against its U.S. counterpart. |
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The day range on the loonie was 71.61 US cents to 71.74 US cents in early trading. The Canadian dollar was up about 0.7 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, slipped 0.02 per cent to 98.97. |
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The euro advanced 0.07 per cent to US$1.1654. The British pound rose 0.14 per cent to US$1.3345. |
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In bonds, the yield on the U.S. 10-year note was last up at 4.111 per cent. |
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8:30 a.m. ET: Canadian employment for November. The Street expects an unchanged reading month-over-month with the unemployment rate rising 0.1 per cent to 7.0 per cent and average hourly wages up 3.4 per cent year-over-year. |
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10 a.m. ET: U.S. personal spending and income for September. Consensus is month-over-month increases of 0.3 per cent for both. |
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10 a.m. ET: U.S. core PCE price index for September. The Street is projecting a rise of 0.2 per cent from August and up 2.9 per cent from the same period a year ago. |
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10 a.m. ET: U.S. University of Michigan Consumer Sentiment for December. |
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3 p.m. ET: U.S. consumer credit for October. |
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With Reuters and The Canadian Press |
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