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Wall Street futures were in the red after strong gains in major North American markets yesterday. |
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TSX futures pointed higher as commodity prices climbed. |
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In Canada, investors are getting results from Rogers Communications Inc. and Choice Properties REIT. |
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On Wall Street, markets are watching earnings from Alphabet Inc., Tesla Inc., Philip Morris International Inc., International Business Machines Corp., AT&T Inc., CSX Corp., Texas Instruments Inc., Kinder Morgan Inc. and Waste Connections Inc. |
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“Earnings season will be an important test on whether the narrow group carrying the market can keep doing so at the pace expectations now require,” wrote Laura Cooper, global investment strategist and head of macro credit at Nuveen. |
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“The second half likely requires AI spending to translate into earnings growth across the market and proof that credit can absorb another wave of supply without spreads giving way.” |
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Overseas, the pan-European STOXX 600 was up 0.39 per cent in morning trading. Britain’s FTSE 100 rose 0.9 per cent, Germany’s DAX gained 0.65 per cent and France’s CAC 40 advanced 0.73 per cent. |
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In Asia, Japan’s Nikkei closed 0.18 per cent lower, while Hong Kong’s Hang Seng dropped 0.95 per cent. |
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Oil prices rose to near six-week highs on mounting concerns about disruptions to key Middle Eastern supply routes because of escalating hostilities between the U.S. and Iran and threats to shipping by the Iran-backed Houthi militia in Yemen. |
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Brent crude futures gained 4.4 per cent to US$95 a barrel. West Texas Intermediate (WTI) crude climbed 4.5 per cent to US$88.13. |
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“The energy market now has the dual-strait worry, with the Bab el-Mandeb Strait looking like it could join the Strait of Hormuz as a hot spot, as traders closely watch shipping numbers in the Red Sea,” said Tim Waterer, chief market analyst at KCM Trade. |
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In other commodities, spot gold advanced 0.9 per cent to US$4,112.29 an ounce. U.S. gold futures for August delivery gained 1 per cent to US$4,116.80. |
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The Canadian dollar strengthened against its U.S. counterpart. |
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The day range on the loonie was 70.85 US cents to 71.01 US cents in early trading. The Canadian dollar was up about 0.94 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 101.18. The dollar was pegged at $1.4102. |
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The euro rose 0.06 per cent to US$1.1405. The British pound was little changed at US$1.3372. |
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In bonds, the yield on the U.S. 10-year note was last up at 4.636 per cent. |
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U.K. inflation data for June, which cooled more than expected driven by a fall in petrol prices after a brief de-escalation in the Iran war. Consumer prices rose by an annualized 2.6 per cent — the weakest increase since March 2025 and slowing from 2.8 per cent in May. |
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With Reuters and The Canadian Press |
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