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Global stock markets were mixed ahead of key U.S. and Canadian jobs data this morning and investors assessed whether further talks between U.S. President Donald Trump and Chinese leader Xi Jinping would help ease deep trade tensions. |
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Wall Street futures were in positive territory after Wall Street’s stock indexes ended lower yesterday in choppy trade. |
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TSX futures were on the rise after Canada’s main stock index edged higher yesterday as higher oil prices boosted energy shares. |
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“I think the fact that [Trump and Xi] are talking, the fact that there is a willingness to find a way through and the channels of communication are open is a positive,” said Luke Yeaman, chief economist at the Commonwealth Bank of Australia. |
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“But I think it’s clear that there are still a lot of tensions in the relationship and that neither side wants to give too much away … There’s not a lot of goodwill to work with to fundamentally improve the trade relationship.” |
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Overseas, the pan-European STOXX 600 was flat in morning trading. Britain’s FTSE 100 was little changed, Germany’s DAX slid 0.18 per cent and France’s CAC 40 declined 0.1 per cent. |
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In Asia, Japan’s Nikkei closed 0.5 per cent higher, while Hong Kong’s Hang Seng fell 0.48 per cent. |
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Oil prices slipped but were on track for their first weekly gain in three weeks as the market continued to swing with news on tariff negotiations and data showing how trade uncertainty is flowing through into the global economy. |
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Brent crude futures fell 0.4 per cent to US$65.06 a barrel. West Texas Intermediate (WTI) crude gave up 0.6 per cent to trade at US$63.01. |
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“The potential for increased U.S. sanctions in Venezuela to limit crude exports and the potential for Israeli strike on Iranian infrastructure add to upside risks for prices,” analysts at BMI, a Fitch affiliate, said in a note on Friday. |
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“But both weaker demand for oil and increased production from both OPEC+ and non-OPEC producers will add to downside price pressures in the coming quarters.” |
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In other commodities, spot gold was up 0.4 per cent at US$3,367.45 an ounce. Bullion has gained 2.4 per cent for the week so far. U.S. gold futures climbed 0.5 per cent to US$3,390.70. |
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The Canadian dollar was little changed against its U.S. counterpart. |
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The day range on the loonie was 73.05 US cents to 73.21 US cents in early trading. The Canadian dollar was up/down about 1.94 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, gained 0.21 per cent to 98.95. |
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The euro fell 0.19 per cent to US$1.1423. The British pound declined 0.15 per cent to US$1.3551. |
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In bonds, the yield on the U.S. 10-year note was last down at 4.385. |
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Euro zone retail sales and real GDP |
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Germany industrial production and trade surplus |
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(8:30 a.m. ET) Canadian employment for May. The Street expects a drop of 0.1 per cent, or 17,500 jobs, with the unemployment rate rising to 7.0 per cent from 6.9 per cent and average hourly wages rising 3.2 per cent year-over-year. |
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(8:30 a.m. ET) U.S. nonfarm payrolls for May. Consensus is a gain of 130,000 jobs with the unemployment rate remaining 4.2 per cent and average hourly wages up 0.3 per cent sequentially and 3.7 per cent from the same period a year ago. |
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(3 p.m. ET) U.S. consumer credit for April. |
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With Reuters and The Canadian Press |
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