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Global shares were mixed amid cautious trading after another selloff driven by nerves over AI valuations, as investors eyed what could be make-or-break earnings from chip giant Nvidia and U.S. jobs data this week. |
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Wall Street futures were in positive territory after major North American markets closed lower yesterday. Dow futures were up 0.11 per cent, S&P 500 futures rose 0.26 per cent and Nasdaq futures were 0.3 per cent higher as of 5:40 a.m. ET. |
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TSX futures followed sentiment higher. |
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In Canada, investors are getting results from Metro Inc. |
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In addition to Nvidia, Wall Street investors are watching earnings from TJX Cos. Inc., Palo Alto Networks Inc., Lowe’s Cos. Inc. and Target Corp. |
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Nvidia, which sells the graphics processing units underpinning artificial intelligence, has been at the heart of a global rally that has carried stocks to all-time highs. It reports after the U.S. market close today. |
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“It looks like Nvidia’s stock price has been priced for perfection, so GPU demand must continue to grow strongly for many more years for the stock to stay up,” said Wong Kok Hoi, founder and CEO of APS Asset Management in Singapore. |
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Overseas, the pan-European STOXX 600 was flat in morning trading. Britain’s FTSE 100rose 0.11 per cent, Germany’s DAX edged up 0.06 per cent and France’s CAC 40 gave back 0.2 per cent. |
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In Asia, Japan’s Nikkei closed 0.34 per cent lower, while Hong Kong’s Hang Seng slid 0.38 per cent. |
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Oil prices eased slightly as an industry report showed higher crude inventories in the United States, reinforcing concerns about oversupply, though declines were limited by a tighter fuel market because of attacks against Russian oil infrastructure. |
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Brent crude futures dropped 0.68 per cent to US$64.45 a barrel. West Texas Intermediate (WTI) crude futures were down 0.76 per cent at US$60.28 a barrel. |
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“Over all, the [American Petroleum Institute] report was relatively bearish,” said ING commodities strategists, though they cautioned: “Market participants appear more concerned about supply risks than the odds of a surplus going forward.” |
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In other commodities, spot gold was up 1.1 per cent at US$4,112.50 an ounce. U.S. gold futures for December delivery gained 1.1 per cent to US$4,112.90 an ounce. |
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The Canadian dollar weakened against its U.S. counterpart. |
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The day range on the loonie was 71.39 US cents to 71.52 US cents in early trading. The Canadian dollar was down 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, rose 0.21 per cent to 99.76. |
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The euro slid 0.1 per cent to US$1.1570. The British pound fell 0.27 per cent to US$1.3109. |
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In bonds, the yield on the U.S. 10-year note was last up at 4.132 per cent. |
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Japan trade deficit and core machine orders |
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8:30 a.m. ET: Canadian construction investment for September. |
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8:30 a.m. ET: U.S. housing starts for October. |
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8:30 a.m. ET: U.S. building permits for October. |
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2 p.m. ET: U.S. Fed minutes from Oct. 28-29 meeting are released. |
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With Reuters and The Canadian Press |
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