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Global stocks climbed as investors considered the prospect of U.S. interest rate cuts and the scramble for trade deals ahead of President Donald Trump’s July 9 tariffs deadline. |
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Wall Street futures were in positive territory after major U.S. markets closed mixed yesterday. |
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TSX futures followed sentiment higher after the main stock market was closed yesterday for the Canada Day holiday. |
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Trump said he was not considering extending the deadline for countries to negotiate trade deals with the United States, and cast doubts again that an agreement could be reached with Japan, although he expects a deal with India. |
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“You’ve seen it with other trade negotiations that they take years if you want to do them properly,” said Matthias Scheiber, senior portfolio manager and the head of the multi-asset solutions team at Allspring Global Investments. |
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“It’s not something you negotiate within a week. I think that’s also what the U.S. is realizing now. If the tariffs get ramped up again and the situation sours, short-term, we can definitely see some volatility.” |
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Overseas, the pan-European STOXX 600 was up 0.5 per cent in morning trading. Britain’s FTSE 100 rose 0.29 per cent, Germany’s DAX gained 0.43 per cent and France’s CAC 40 added 1.17 per cent. |
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In Asia, Japan’s Nikkei closed 0.56 per cent lower, while Hong Kong’s Hang Seng advanced 0.62 per cent. |
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Oil futures edged up as Iran suspended co-operation with the UN nuclear watchdog and markets weighed expectations of more supply from major producers next month. |
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Brent crude added 0.9 per cent to trade at US$67.71 a barrel, while West Texas Intermediate (WTI) crude rose 0.8 per cent to US$66 a barrel. |
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“The market is pricing in some geopolitical risk premium from Iran’s move on the IAEA,” said Giovanni Staunovo, commodity analyst at UBS. “But this is about sentiment, there are no disruptions to oil.” |
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In other commodities, spot gold was down 0.2 per cent at US$3,333.45 an ounce, while U.S. gold futures were 0.2 per cent lower at US$3,344.10. |
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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 73.20 US cents to 73.33 US cents in early trading. The Canadian dollar was up about 0.18 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 0.12 per cent to 96.93. |
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The euro declined 0.27 per cent to US$1.1776. The British pound dropped 0.36 per cent to US$1.3696. |
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In bonds, the yield on the U.S. 10-year note was last up at 4.283 per cent. |
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(8:15 a.m. ET) U.S. ADP National Employment Report for June. |
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(9:30 a.m. ET) Canada’s S&P Global Manufacturing PMI for June. |
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Also: U.S. and Canadian auto sales for June. |
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With Reuters and The Canadian Press |
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