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Global markets were muted as concerns over higher oil prices and inflation partly offset support from a recovery in global bonds after a U.S. Treasury intervention. |
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Wall Street futures were mixed after major North American markets closed modestly higher yesterday. |
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TSX futures pointed lower after Canada’s main stock index snapped a three-day losing streak yesterday. |
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On Wall Street, markets are watching earnings from Walmart Inc., Alibaba Group Holding Ltd. and Deere & Co. |
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Overseas, the pan-European STOXX 600 was down 0.08 per cent in morning trading. Britain’s FTSE 100 fell 0.15 per cent, Germany’s DAX declined 0.39 per cent and France’s CAC 40 gave back 0.24 per cent. |
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In Asia, Japan’s Nikkei closed 1.36 per cent higher, while Hong Kong’s Hang Seng climbed 0.8 per cent. |
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Oil prices climbed to three-week highs, driven by concerns that the impasse in the Iran war will continue to disrupt supply from the key Middle Eastern producing region. |
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Brent crude futures for October delivery rose 2.38 per cent to US$93.80 a barrel, while West Texas Intermediate (WTI) crude futures for October were up 2.6 per cent to US$86.58. |
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“Tensions in the Middle East remain high, leaving room for further supply disruptions,” said UBS analyst Giovanni Staunovo. “Lower oil exports from the Middle East are once again tightening the oil market.” |
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In other commodities, spot gold was down 0.7 per cent to US$4,488.19 an ounce. U.S. gold futures were little changed at US$4,546.30. |
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The Canadian dollar strengthened against its U.S. counterpart. |
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The day range on the loonie was 72.38 US cents to 72.69 US cents in early trading. The Canadian dollar was up about 2.35 per cent against the greenback over the past month. It traded at $1.3765 per US$1. |
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The U.S. dollar index, which weighs the greenback against a group of currencies, slid 0.23 per cent to 98.61. |
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The euro rose 0.24 per cent to US$1.1708. The British pound gained 0.3 per cent to US$1.3648. |
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In bonds, the yield on the U.S. 10-year note was last up at 4.675 per cent. |
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8:30 a.m. ET: Canada’s new housing price index for July. Estimate is a decline of 0.1 per cent from June and down 2.2 per cent year-over-year. |
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8:30 a.m. ET: Canada’s industrial product and raw materials price indexes for July. Estimates are month-over-month declines of 0.5 per cent and 2.0 per cent, respectively. |
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8:30 a.m. ET: U.S. initial jobless claims for week of Aug. 15. Estimate is 212,000, a gain of 3,000 from the previous week. |
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8:30 a.m. ET: U.S. Philadelphia Fed Index for August. |
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10 a.m. ET: U.S. leading indicator for July. |
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10 a.m. ET: U.S. quarterly services survey for Q2. |
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With Reuters and The Canadian Press |
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