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Global markets searched for direction after better-than-expected U.S. economic data drew investors back into markets yesterday in the wake of a steep selloff that started the week. |
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Wall Street futures were little changed after major North American markets rebounded yesterday to close higher. TSX futures inched higher. |
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In Canada, investors are getting results from BCE Inc., Canadian Tire Corp. Ltd., Bombardier Inc., Brookfield Business Partners LP, Fairfax Financial Holdings Ltd., TC Energy Corp., Pembina Pipeline Corp., Canadian Natural Resources Ltd., TransAlta Corp., Quebecor Inc., Saputo Inc. and RioCan REIT. |
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On Wall Street, markets are watching earnings from AstraZeneca PLC and ConocoPhillips. |
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Data on Wednesday showed the U.S. services sector activity increased to an eight-month high in October as new orders grew solidly, while private payrolls rose 42,000 last month, exceeding expectations. |
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“Market is tight, companies are probably investing more in technology, probably not necessarily hiring more people, but not firing people either. So probably the way that even the economy and the labour market operate is changing a bit,” said Keiko Kondo, head of multi-asset investments for Asia at Schroders. |
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Overseas, the pan-European STOXX 600 was down 0.11 per cent in morning trading. Britain’s FTSE 100 slid 0.24 per cent, Germany’s DAX fell 0.14 per cent and France’s CAC 40 dropped 0.52 per cent. |
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In Asia, Japan’s Nikkei closed 1.34 per cent higher, while Hong Kong’s Hang Seng rose 2.12 per cent. |
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Oil prices regained a little ground, buoyed by easing concerns over a potential supply glut as sanctions on Russian companies begin to bite. |
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Having closed yesterday at two-week lows, Brent crude futures were up 1 per cent to US$64.17 a barrel, while West Texas Intermediate (WTI) futures gained 1.2 per cent to US$60.33. |
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The latest sanctions on Russia’s biggest oil companies two weeks ago are sparking some concerns about supply disruptions, despite rising output from OPEC and its allies, analysts said. |
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“There is a little bit of an impact on prices [from the sanctions], but not a huge one,” said Jorge Montepeque at Onyx Capital Group. “Based on the numbers, it should be bigger, but the market still needs to be convinced there will be impact.” |
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In other commodities, spot gold was up 0.6 per cent to US$4,007.38 an ounce. U.S. gold futures for December delivery gained 0.6 per cent to US$4,017.20 an ounce. |
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The Canadian dollar strengthened against its U.S. counterpart. |
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The day range on the loonie was 70.86 US cents to 70.97 US cents in early trading. The Canadian dollar was down about 0.55 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, slid 0.22 per cent to 99.98. |
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The euro rose 0.19 per cent to US$1.1515. The British pound advanced 0.22 per cent to US$1.3080. |
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In bonds, the yield on the U.S. 10-year note was last down at 4.139 per cent. |
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*Note: Scheduled U.S. data reports may not be released if the government shutdown isn’t resolved. |
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Euro area retail sales and Germany industrial production |
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7 am ET: Bank of England monetary policy announcement |
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10 am ET: Canada Ivey PMI |
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10 am ET: U.S. global supply chain pressure index |
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10:30 am ET: Bank of Canada governor Tiff Macklem and senior deputy governor Carolyn Rogers testify before the Senate banking committee |
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Ontario fall fiscal update |
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With Reuters and The Canadian Press |
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