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Stocks drifted lower as investors tried to sift through the noise from the Trump administration and its erratic stance on tariffs and the Federal Reserve’s leadership. |
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Wall Street futures were in negative territory following a two-day rally. |
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TSX futures followed sentiment lower. |
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In Canada, investors are getting results from Teck Resources Ltd. and Agnico Eagle Mines Ltd. |
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On Wall Street, markets are watching earnings from Comcast Corp., PepsiCo Inc., Procter & Gamble Co., FirstService Corp., Gilead Sciences Inc., T-Mobile US Inc. and Union Pacific Corp. |
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“The first half of the week was full of fear and hope” regarding U.S. President Donald Trump’s positions on trade and Fed chair Jerome Powell, Ipek Ozkardeskaya, senior analyst at Swissquote Bank, wrote in a note. |
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“Concretely, the Trump show continues, optimism is too fragile to call the end of the equity selloff.” |
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Overseas, the pan-European STOXX 600 was down 0.11 per cent in morning trading. Britain’s FTSE 100 slid 0.1 per cent, Germany’s DAX declined 0.38 per cent and France’s CAC 40 gave back 0.31 per cent. |
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In Asia, Japan’s Nikkei closed0.49 per cent higher, while Hong Kong’s Hang Seng slid 0.74 per cent. |
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Oil prices recovered some losses after falling nearly 2 per cent yesterday, with investors weighing a potential OPEC+ output increase against conflicting tariff signals from the White House and continuing U.S.-Iran nuclear talks. |
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Brent crude futures were up 0.8 per cent to US$66.65 a barrel, while West Texas Intermediate (WTI) crude gained 0.88 per cent to US$62.82 a barrel. |
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“While a risk-on move lifted most risk assets yesterday, oil was left behind thanks to OPEC+ discord,” ING analysts wrote in a note. |
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In other commodities, spot gold rose 1.6 per cent to US$3,340.79 an ounce. U.S. gold futures climbed 1.8 per cent to US$3,352.10. |
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The Canadian dollar strengthened against its U.S. counterpart. |
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The day range on the loonie was 72.00 US cents to 72.25 US cents in early trading. The Canadian dollar was up about 3.3 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, declined 0.58 per cent to 99.26. |
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The euro rose 0.65 per cent to US$1.1389. The British pound climbed 0.43 per cent to US$1.3313. |
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In bonds, the yield on the U.S. 10-year note was last down at 4.352 per cent ahead of the North American opening bell. |
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Japan machine tool orders |
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(8:30 a.m. ET) Canada’s Payroll Survey: Job Vacancy Rate for February. |
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(8:30 a.m. ET) U.S. initial jobless claims for week of April 19. Estimate is 222,000, up 5,000. |
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(8:30 a.m. ET) U.S. durable and core orders for March. The Street is projecting month-over-month gains of 1.5 per cent and 0.2 per cent, respectively. |
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(10 a.m. ET) U.S. existing home sales for March. Consensus is an annualized rate decline of 2.8 per cent. |
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Also: G20 Financial Ministers and Central Bank Governors’ meeting |
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With Reuters and The Canadian Press |
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