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Global markets were mixed after new attacks on shipping in the Middle East dimmed expectations for an end to the Iran war, as markets turned their attention to U.S. inflation data later in the day. |
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Wall Street futures pointed higher after U.S. markets closed down yesterday. |
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TSX futures were in positive territory after Canada’s main stock market notched higher yesterday to another record close. |
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In Canada, investors are getting results from Air Canada, CAE Inc., Stantec Inc., Hydro One Ltd., Linamar Corp., Maple Leaf Foods Inc., Metro Inc., Northland Power Inc. and H&R REIT. |
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On Wall Street, markets are watching earnings from Cisco Systems Inc. |
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“The CPI projection is expected to come in reasonably soft today which would tee up a hold [on interest rates by the Federal Reserve] before the midterms, all else being equal,” said Schroders’ Carrell. |
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Overseas, the pan-European STOXX 600 was up 0.15 per cent in morning trading. Britain’s FTSE 100 rose 0.05 per cent, Germany’s DAX rose 0.42 per cent and France’s CAC 40 edged down 0.06 per cent. |
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In Asia, Japan’s Nikkei closed 0.83 per cent higher, while Hong Kong’s Hang Seng declined 0.83 per cent. |
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Oil prices held steady as attacks on two ships reinforced worries about disruptions to Middle East supplies, while industry data showing swelling inventories of U.S. crude might keep bulls in check. |
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Brent futures were down 0.09 per cent to US$88.80 a barrel. West Texas Intermediate (WTI) crude slipped 0.14 per cent to US$83.08. |
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“Our base case for a long time has been a gradual but messy de-escalation,” said Dorian Carrell, head of multi-asset income at Schroders. |
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“We don’t expect traffic [through the Strait of Hormuz] to go to its full capacity. We think that puts a floor on the oil price and maintains an energy-driven inflationary driver in markets in the near- to medium-term.” |
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In other commodities, spot gold gained 1.1 per cent to US$4,414.63 an ounce. U.S. gold futures for December delivery rose 0.7 per cent to US$4,470.90. |
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The Canadian dollar weakened against its U.S. counterpart. |
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The day range on the loonie was 71.73 US cents to 71.85 US cents in early trading. The Canadian dollar was up about 0.78 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, climbed 0.03 per cent to 99.86. The dollar was pegged at $1.3936. |
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The euro slipped 0.06 per cent to US$1.1537. The British pound gained 0.08 per cent to US$1.3519. |
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In bonds, the yield on the U.S. 10-year note was last down at 4.673 per cent. |
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Japan machine tool orders |
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8:30 a.m. ET: Canadian building permits for June. |
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8:30 a.m. ET: U.S. CPI for July. Consensus is a month-over-month gain of 0.1 per cent and year-over-year rise of 3.4 per cent. |
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2 p.m. ET: U.S. federal budget balance for July. |
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With Reuters and The Canadian Press |
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