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A sell-off in stocks deepened as widening conflict in the Middle East fuelled a spike in energy prices that raised investor concern about the impact on the global economy. |
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Wall Street futures were in the red after the major U.S. stock indexes bounced back from early losses to finish the day higher on Monday. Dow futures were down 1.45 per cent, S&P 500 futures were down 1.54 per cent, and Nasdaq futures were down 2 per cent, as of 4:28 a.m. ET |
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TSX futures were down 1.93 per cent, as of 5:36 a.m. ET., after Canada’s main stock index ended Monday’s session at a record high. |
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In Canada, investors are getting results from Baytex Energy Corp. and Topaz Energy Corp. |
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On Wall Street, markets are watching earnings from Alibaba ADR, CrowdStrike Holdings Inc., Macy’s Inc., and Pet Valu Holdings Ltd. |
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“For Western Europe, the most notable development is another surge in natural gas prices... which is bringing back quite a lot of fears of potentially a repeat of what we saw in 2022, when Russia invaded Ukraine,” said George Moran, European macro strategist at RBC Capital Markets. “It feels like the market is interpreting this as much more of an inflationary shock than a growth shock. Of course, it could still have a growth impact,” he said. |
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Overseas, the pan-European STOXX 600 was down 3.11 per cent in morning trading. Britain’s FTSE 100 gave back 2.72 per cent, Germany’s DAX fell 3.72 per cent and France’s CAC 40 lost 2.88 per cent. |
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In Asia, Japan’s Nikkei closed 3.06 per cent lower, while Hong Kong’s Hang Seng ended 1.12 per cent lower. |
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Brent crude futures were up US$4.94, or 6 per cent, at US$82.68 a barrel by 5:28 a.m. ET. U.S. West Texas Intermediate crude gained US$4.68, or 7 per cent, to US$75.91. |
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“While there are concerns about oil flows through the Strait of Hormuz, a greater risk to the market would be Iran targeting additional energy infrastructure in the region. This could lead to more prolonged outages,” ING analysts said in a note. |
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In other commodities, spot gold was down 1.4 per cent at US$5,252.05 an ounce by 4:31 a.m. ET. U.S. gold futures for April delivery lost 0.9 per cent to US$5,263.80. |
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The Canadian dollar weakened against its U.S. counterpart. |
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The day range on the loonie was 72.87 US cents to 73.21 US cents in early trading. The Canadian dollar was down about 0.54 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 0.99 per cent to 99.31. |
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The euro declined 0.86 per cent to US$1.1589. The British pound fell 0.98 per cent to US$1.3274. |
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In bonds, the yield on the U.S. 10-year note was last up at 4.112 per cent. |
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Japan’s jobless rate and capital spending |
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With Reuters and The Canadian Press |
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