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Global stocks rose as fresh hopes of a peace deal between Iran and the U.S. fanned a rally, while investors awaited the hotly anticipated market debut of Elon Musk’s SpaceX on the Nasdaq exchange. |
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Wall Street futures rose after major North American indexes ended the day sharply higher on Thursday. |
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TSX futures pointed to a positive start. |
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Markets reacted swiftly on Thursday after U.S. President Donald Trump called off plans to strike Iran and said the countries were nearing a deal. |
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“The market remains very sensitive to the peace deal and the numerous and various declarations from Trump,” said Michael Nizard, head of multiasset at Edmond de Rothschild Asset Management. “Today, I think the (potential for) peace is well under-priced.” |
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The huge SpaceX IPO also has the potential to set the tone for global markets, given its large allocation to everyday investors that can make more short-term decisions, Nizard said. “This is a very important market event... the retail market is very important for gaining momentum.” |
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Overseas, the pan-European STOXX 600 was up 1.78 per cent in morning trading. Britain’s FTSE 100 rose 1.11 per cent, Germany’s DAX gained 1.94 per cent and France’s CAC 40 2.21 per cent. |
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In Asia, Japan’s Nikkei closed 2.81 per cent higher, while Hong Kong’s Hang Seng finished 1.93 per cent higher. |
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Oil prices fell to their lowest in nearly two months after Trump cancelled new strikes on Iran. |
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Brent futures were down 4.22 per cent, at US$86.57 a barrel, while U.S. West Texas Intermediate crude dropped 4.33 per cent to US$83.91. |
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“Headlines are driving the market once again, as confidence grows that an eventual deal will be struck and the Strait reopens,” said PVM Oil Associates analyst Tamas Varga. |
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In other commodities, spot gold was little changed at US$4,217.95 per ounce. U.S. gold futures rose 3 per cent to US$4,238.50. |
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The Canadian dollar weakened against its U.S. counterpart. |
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The day range on the loonie was 71.44 US cents to 71.72 US cents in early trading. The Canadian dollar was down about 1.63 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, declined 0.18 per cent to 99.665. The dollar was pegged at $1.3983. |
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The euro edged up 0.02 per cent to US$1.1583. The British pound was unchanged at US$1.3418. |
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In bonds, the yield on the U.S. 10-year note was last down at 4.456 per cent. |
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Japan’s industrial production |
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8:30 a.m. ET: Canada’s national balance sheet and financial flow accounts for Q1. |
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8:30 a.m. ET: Canadian new motor vehicle sales for April. Estimate is a year-over-year fall of 5.0 per cent. |
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10 a.m. ET: U.S. University of Michigan consumer sentiment survey for June (preliminary reading). |
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With Reuters and The Canadian Press |
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