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Global markets climbed as investors turned their focus to U.S. Federal Reserve chairman Kevin Warsh’s speech at the annual Jackson Hole economic symposium. |
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Wall Street futures were mixed with the Dow pointing higher. |
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TSX futures were little changed ahead of GDP numbers later this morning. |
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In Canada, investors are getting results from Laurentian Bank of Canada. |
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“Jackson Hole is the focal point for global markets because investors are looking for clarity on the Fed’s reaction function rather than simply another hawkish or dovish soundbite,” said Bruno Schneller, managing partner at Erlen Capital Management. |
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“The question is what would actually move the needle for policy from here, particularly as the Fed balances inflation risks against the labor-market outlook.” |
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Overseas, the pan-European STOXX 600 was up 0.52 per cent in morning trading. Britain’s FTSE 100 rose 0.17 per cent, Germany’s DAX gained 0.62 per cent and France’s CAC 40 climbed 1.01 per cent. |
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In Asia, Japan’s Nikkei closed 0.41 per cent higher, while Hong Kong’s Hang Seng advanced 0.07 per cent. |
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Oil prices eased and were on track to snap a two-week winning streak, despite settling higher in the previous session following a report that U.S. President Donald Trump is not interested in returning to previous deal terms with Iran. |
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Brent crude futures were down 0.08 per cent to US$89.63 a barrel. West Texas Intermediate (WTI) crude futures fell 0.45 per cent to US$83.15. |
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“Despite diplomatic efforts hitting a roadblock, there are growing signs of additional oil flowing through the Strait of Hormuz,” ING analysts said in a note. “As the conflict persists, producers are adapting to the new realities and becoming increasingly comfortable navigating the strait.” |
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In other commodities, spot gold was up 0.1 per cent to US$4,607.47 an ounce. U.S. gold futures were little changed at US$4,661.20. |
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The Canadian dollar strengthened against its U.S. counterpart. |
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The day range on the loonie was 72.06 US cents to 72.22 US cents in early trading. The Canadian dollar was up about 1.22 per cent against the greenback over the past month. It traded at $1.3855 per US$1. |
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The U.S. dollar index, which weighs the greenback against a group of currencies, rose 0.05 per cent to 99.21. |
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The euro slid 0.09 per cent to US$1.1642. The British pound fell 0.05 per cent to US$1.3585. |
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In bonds, the yield on the U.S. 10-year note was last up at 4.687 per cent. |
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Euro zone economic and consumer confidence |
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8:30 a.m. ET: Canada’s real GDP and chain prices for Q2. The Street is forecasting annualized rate increases of 3.3 per cent and 7.2 per cent, respectively. |
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8:30 a.m. ET: Canada’s monthly real GDP. |
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9:45 a.m. ET: U.S. Chicago PMI |
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10 a.m. ET: U.S. University of Michigan Consumer Sentiment Index. |
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10 a.m. ET: U.S. Fed Chair Kevin Warsh speaks at the Jackson Hole Economic Policy Symposium |
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With Reuters and The Canadian Press |
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