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Global markets were mixed as stretched valuations came under scrutiny and investors booked profits. |
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Geopolitics also loomed large. A planned summit between U.S. President Donald Trump and Russian President Vladimir Putin was put on hold and ambiguity lingered over a potential meeting between Trump and Chinese President Xi Jinping. |
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Wall Street futures were muted. Dow futures were down 0.03 per cent, S&P 500 futures rose 0.03 per cent and Nasdaq futures were 0.11 per cent lower as of 5:20 a.m. ET. |
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TSX futures were in negative territory after Canada’s main stock index yesterday posted its biggest decline since April. |
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In Canada, investors are getting results from Teck Resources Ltd., Whitecap Resources Inc. and West Fraser Timber Co. Ltd. |
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On Wall Street, markets are watching earnings from Tesla Inc., International Business Machines Corp., AT&T Inc, Lam Research Corp. and Hilton Worldwide Holdings Inc. |
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“It’s one of those situations whereby when positions become stretched - and you’d have to say that the Nasdaq is certainly in that boat [and] for some of these other frothy markets, we’re seeing little flash crashes now ... We’re just seeing little tremors in markets, and potentially there’s something more significant to come,” said Tony Sycamore, a market analyst at IG. |
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Overseas, the pan-European STOXX 600 was down 0.16 per cent in morning trading. Britain’s FTSE 100 rose 0.84 per cent, Germany’s DAX declined 0.37 per cent and France’s CAC 40 fell 0.55 per cent. |
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In Asia, Japan’s Nikkei closed 0.017 per cent lower, while Hong Kong’s Hang Seng slid 0.94 per cent. |
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Oil prices pushed higher, buoyed by sanctions-related supply risks and hopes of a U.S.-China trade deal. Investors also digested news that the U.S. is seeking oil for delivery to its strategic reserves. |
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Brent crude futures rose 1.6 per cent to US$62.28 a barrel. West Texas Intermediate (WTI) crude futures advanced 1.7 per cent to US$58.19. |
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“Despite the overall bearish sentiment driven by an oil supply glut and weak demand, the risk of supply disruption in hotspots like Russia, Venezuela, Colombia and the Middle East remains in place and prevents oil prices staying below the $60 handle,” said Mukesh Sahdev, founder and CEO of energy market consultancy XAnalysts. |
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In other commodities, spot gold reversed course, dropping 1.4 per cent to US$4,067.31 an ounce. U.S. gold futures for December delivery slid 0.7 per cent to US$4,081.30 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 71.29 US cents to 71.46 US cents in early trading. The Canadian dollar was down about 0.84 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 0.07 per cent to 99.00. |
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The euro edged down 0.02 per cent to US$1.1599. The British pound dropped 0.32 per cent to US$1.3325. |
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In bonds, the yield on the U.S. 10-year note was last down at 3.965 per cent. |
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U.K. CPI: British inflation unexpectedly held steady in September at 3.8 per cent, raising the prospect of a Bank of England interest rate cut this year and offering some relief to finance minister Rachel Reeves ahead of her budget in November. |
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With Reuters and The Canadian Press |
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