Global markets were mixed as investors pared back expectations of a U.S. Federal Reserve rate hike this month on based on economic data last week.

Wall Street futures were in the red after major North American markets closed up on Friday.

TSX futures were little changed.

“Inflation remains high, but the latest data don’t show an alarming acceleration, and the jobs data look softer – at least judging by the headline figures,” Ipek Ozkardeskaya, senior analyst at Swissquote, wrote in a note.

“The easing of near-term Fed hike expectations is also comforting for broader risk assets.”

Overseas, the pan-European STOXX 600 was up 0.17 per cent in morning trading. Britain’s FTSE 100 rose 0.26 per cent, Germany’s DAX slipped 0.1 per cent and France’s CAC 40 fell 1.05 per cent.

In Asia, Japan’s Nikkei closed 2.4 per cent higher, while Hong Kong’s Hang Seng climbed 0.28 per cent.

Oil prices steadied in volatile trade after crude exports from the Middle ​East increased and the Group of Seven nations pledged ‌to boost supplies, although concerns about ongoing disruption linked to the US-Israeli war on Iran limited selling.

Brent crude futures edged up 0.2 per cent to $102.50 a ​barrel. West Texas Intermediate (WTI) crude traded at $90.60 a barrel, down 0.56 per cent.

“The G7 decision to tap strategic reserves ​is taking some of the immediate supply anxiety out ⁠of the price, while there’s a growing view that Saudi export volumes ⁠are moving back toward prewar levels, even if those barrels are still moving at higher cost and ​via less efficient routes,” said Tim Waterer, chief analyst at KCM Trade.

“That combination is enough to subdue prices for now even though the risks of further damage to energy infrastructure around the Gulf region haven’t gone away.”

In other commodities, spot gold rose 0.6 per cent to US$4,165.49 an ounce. U.S. ​gold futures for December delivery gained 0.8 per cent to US$4,194.60.

The Canadian dollar strengthened against its U.S. counterpart.

The day range on the loonie was 69.95 US cents to 70.31 US cents in early trading. The Canadian dollar was down about 3.02 per cent against the greenback over the past month. It traded at $1.4249 per US$1.

The U.S. dollar index, which weighs the greenback against a group of currencies, gained 0.24 per cent to 102.18.

The euro dropped 0.44 per cent to US$1.1204. The British pound declined 0.13 per cent to US$1.3224.

In bonds, the yield on the U.S. 10-year note was last up at 5.289 per cent.

9:45 a.m. ET: U.S. S&P Global Services and Composite PMI for September.

10 a.m. ET: U.S. ISM Services Index for September.

With Reuters and The Canadian Press