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Global stocks rallied on Friday as robust results from Amazon and Microsoft reassured bruised investors to return to the AI trade. |
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Wall Street futures pointed up after major U.S. indexes ended sharply higher on Thursday, with Microsoft logging its biggest daily percentage gain in 18 years. |
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TSX futures were in positive territory a day after the index registered a modest gain. |
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In Canada, investors are getting results from Arc Resources Ltd., Brookfield Renewable Partners LP, Cameco Corp., Enbridge Inc., Fortis Inc., George Weston Ltd., Imperial Oil Ltd., Magna International Inc., Premium Brands Holdings Corp., Telus Corp., TransAlta Corp. |
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On Wall Street, markets are watching earnings from AbbVie Inc., Chevron Corp., Lumine Group Inc. |
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Investor worries that the AI rally may soon run out of steam eased after Microsoft’s earnings on Wednesday, where it forecast generating cash throughout fiscal 2027. Amazon followed a day later with its strongest cloud growth in more than four years. |
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“Investors are increasingly focused on capital efficiency, financing and the long-term economics of hyperscalers’ AI spending rather than on near-term demand,” said Saverio Papagno, portfolio manager of North Square Growth Opportunities ETF. |
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Overseas, the pan-European STOXX 600 was up 0.62 per cent in morning trading. Britain’s FTSE 100 rose 0.54 per cent, Germany’s DAX gained 0.72 per cent and France’s CAC 40 advanced 0.85 per cent. |
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In Asia, Japan’s Nikkei closed 4.03 per cent higher, while Hong Kong’s Hang Seng edged up 0.10 per cent. |
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Oil prices were steady and on track for a monthly rise as traders assessed supply flows through key maritime chokepoints and developments in U.S.-Iran talks. |
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Brent futures were up 0.53 per cent at US$89.50 a barrel, while U.S. West Texas Intermediate crude was up 0.05 per cent to US$83.63 a barrel. |
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“The market has stopped trading the war and started trading the shipping data,” said Ole Hvalbye, market analyst at SEB Research. |
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In other commodities, spot gold slipped 1 per cent to US$4,062.05 an ounce. U.S. gold futures for August delivery dropped 1.1 per cent to US$4,059.70. |
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The Canadian dollar weakened against its U.S. counterpart. |
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The day range on the loonie was 71.29 US cents to 71.41 US cents in early trading. The Canadian dollar was up about 1.29 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, rose 0.34 per cent to 100.065. The dollar was pegged at $1.4013. |
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The euro slipped 0.04 per cent to US$1.1525. The British pound lost 0.04 per cent to US$1.4020. |
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In bonds, the yield on the U.S. 10-year note was last down at 4.675 per cent. |
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Alimentation Couche-Tard Inc. is making a US$8.7-billion takeover play for Polish convenience retailer Zabka Group SA, building out a widening footprint in Europe with its biggest acquisition to date, Nicolas Van Praet reports. |
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China purchasing managers indexes |
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Japan inflation, employment, retail sales and industrial production data |
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8:30 a.m. ET: Canada monthly real GDP for May. Consensus is for a 0.1 per cent monthly increase, slowing from April’s 0.5 per cent. An advance estimate will also be released for June |
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8:30 a.m. ET: U.S. employment cost index |
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10 a.m. ET: U.S. University of Michigan consumer sentiment final reading for July |
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Ottawa’s latest budget balance |
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With Reuters and The Canadian Press |
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