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Global markets took a breather ahead of Big Tech earnings and decisions from the Bank of Canada and the U.S. Federal Reserve, which are both expected to keep interest rates unchanged. |
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Wall Street futures were in positive territory after the S&P 500 edged to a fresh record high yesterday. |
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TSX futures followed sentiment higher. |
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In Canada, investors are getting results from Canadian Pacific Kansas City Ltd. and Celestica Inc. |
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On Wall Street, markets are watching earnings from Microsoft Corp., Meta Platforms Inc., Tesla Inc., International Business Machines Corp., ASML, AT&T Inc. and Starbucks Corp. |
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“Last week when there seemed to be a flight from the U.S. in general, you had equities falling, Treasuries taking hits, and the dollar falling. Now it’s more of a dollar story,” said Nordea chief markets analyst Jan von Gerich. |
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“The most interesting thing about the Fed tonight is that Powell could now say something more on this political pressure because he’s refrained from all of that so far.” |
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Overseas, the pan-European STOXX 600 was down 0.47 per cent in morning trading. Britain’s FTSE 100 slid 0.46 per cent, Germany’s DAX gave back 0.23 per cent and France’s CAC 40 retreated 0.92 per cent. |
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In Asia, Japan’s Nikkei closed 0.04 per cent higher, while Hong Kong’s Hang Seng added 2.58 per cent. |
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Oil prices eased amid lingering supply concerns after a winter storm disrupted U.S. crude output and exports while a weak U.S. dollar and Middle East tensions lent further support. |
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Brent crude futures slipped 0.6 per cent to US$67.18 a barrel. West Texas Intermediate (WTI) crude was down 0.4 per cent at US$62.17. |
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Both benchmarks had climbed about 3 per cent yesterday. |
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In other commodities, spot gold rose 1.7 per cent to US$5,275.68 an ounce after hitting a record high of US$5,311.31. U.S. gold futures for February delivery surged 3.7 per cent to US$5,271.70 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 73.43 US cents to 73.80 US cents in early trading. The Canadian dollar was up about 1.21 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, edged up 0.01 per cent to 96.23 after sinking near a four-year low yesterday. |
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The euro shed 0.59 per cent to US$1.1971. The British pound declined 0.51 per cent to US$1.3775. |
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In bonds, the yield on the U.S. 10-year note was last up at 4.255 per cent. |
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9:45 a.m. ET: Bank of Canada’s policy announcement and release of its Monetary Policy Report with press conference with Governor Tiff Macklem to follow. |
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2 p.m. ET: U.S. Fed announcement with Chair Jerome Powell’s press briefing to follow. |
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With Reuters and The Canadian Press |
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