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Global shares edged higher as robust U.S. economic data and corporate earnings this week tempered tariff concerns for now. |
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Wall Street futures were in positive territory after North American markets closed higher yesterday. |
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TSX futures followed sentiment higher after Canada’s main stock market reached a new record high yesterday. |
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On Wall Street, markets are watching earnings from American Express Co., Charles Schwab Corp. and 3M Co. |
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A solid start to earnings season in the U.S. – with companies including streaming giant Netflix beating forecasts – was also supporting investor confidence, said Eren Osman, managing director of wealth management at Arbuthnot Latham. |
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“We’re pretty constructive on the [U.S.] macro backdrop ... We do see some scope for slowing growth, but not for anything material and that’s giving the markets quite a nice bounce,” Osman said, adding the potential full impact of U.S. tariffs was still in focus. |
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Alphabet and Tesla are among the companies reporting half-year results next week, which will further test the market mood. |
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Overseas, the pan-European STOXX 600 was up 0.3 per cent in morning trading. Britain’s FTSE 100 rose 0.06 per cent, Germany’s DAX gained 0.17 per cent and France’s CAC 40 advanced 0.47 per cent. |
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In Asia, Japan’s Nikkei closed 0.21 per cent lower, while Hong Kong’s Hang Seng gained 1.33 per cent. |
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Oil prices rose, heading for a small weekly loss, as investors weighed new European Union sanctions against Russia. |
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Brent crude futures climbed 0.72 per cent to US$70.02 a barrel. West Texas Intermediate (WTI) crude futures advanced 0.9 per cent to US$68.15 a barrel. |
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Investors mulled the potential impact on global oil balances of the EU’s agreement on an 18th sanctions package against Russia over its war in Ukraine, which includes measures aimed at dealing further blows to Russia’s oil and energy industries. |
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“Neither the price cap for Russian oil nor adding shadow fleet tankers on a sanction list managed to disrupt Russian oil exports so far, so the market remains skeptical of the impact of the latest sanctions,” UBS analyst Giovanni Staunovo said. |
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In other commodities, spot gold was up 0.3 per cent to US$3,349.49 an ounce. U.S. gold futures climbed 0.3 per cent to US$3,354.70. |
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The Canadian dollar strengthened against its U.S. counterpart. |
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The day range on the loonie was 72.69 US cents to 72.87 US cents in early trading. The Canadian dollar was up about 0.06 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, dropped 0.35 per cent to 98.38. |
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The euro rose 0.36 per cent to US$1.1639. The British pound gained 0.2 per cent to US$1.3437. |
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In bonds, the yield on the U.S. 10-year note was last down at 4.447 per cent. |
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8:30 am ET: Canada construction investment for May |
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8:30 am ET: Canada household and mortgage credit |
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8:30 am ET: U.S. housing starts and building permits for June. |
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10 am ET: U.S. University of Michigan consumer sentiment. Consensus is for a reading of 61.5, up from June’s 60.7. |
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With Reuters and The Canadian Press |
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