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Global stock and bond markets steadied after U.S. President Donald Trump paused a planned attack on Iran and said there was a good chance of a nuclear deal, sending oil prices lower. |
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Wall Street futures were in negative territory after U.S. markets closed lower yesterday, while TSX futures pointed higher. |
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On Wall Street, markets are watching earnings from Home Depot Inc. |
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“We’ve seen a lot of back and forth already,” said Fabien Yip, a market analyst at IG. |
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“Until we actually see real action happening (in the Strait of Hormuz), whereby ships are passing through safely and we see a material rebound in the numbers of traffic going through in the Strait, I think the market in general is shrugging off the commentary from either side.” |
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Overseas, the pan-European STOXX 600 was up 0.62 per cent in morning trading. Britain’s FTSE 100 rose 0.54 per cent, Germany’s DAX climbed 1.07 per cent and France’s CAC 40 increased 0.59 per cent. |
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In Asia, Japan’s Nikkei closed 0.44 per cent lower, while Hong Kong’s Hang Seng finished 0.48 per cent higher. |
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Oil prices fell after Trump said he put a planned attack on Iran on hold to allow for negotiations to end the war in the Middle East. |
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Brent crude oil futures for July were down 1.5 per cent at US$110.37 a barrel. July contracts for U.S. West Texas Intermediate crude fell 0.8 per cent to US$103.56. |
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“We continue to jump from one news cycle to the next, with plenty of noise being created but, so far, no meaningful developments pointing toward the beginning of the end of the war,” said Ole Hansen of Saxo Bank. |
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In other commodities, spot gold dropped 0.5 per cent to US$4,544.17 per ounce. U.S. gold futures for June delivery lost 0.2 per cent to US$4,547.70. |
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The Canadian dollar weakened against its U.S. counterpart. |
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The day range on the loonie was 72.63 US cents to 72.80 US cents in early trading. The Canadian dollar was down about 0.72 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 0.08 per cent to 99.18. The dollar was pegged at $1.3765. |
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The euro slid 0.33 per cent to US$1.1621. The British pound was up 0.22 per cent to US$1.3406. |
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In bonds, the yield on the U.S. 10-year note was last up at 4.614 per cent. |
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Japan’s real GDP and industrial production |
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8:30 a.m. ET: Canadian CPI for April. The Street is projecting a month-over-month rise of 0.6 per cent and year-over-year increase of 3.1 per cent. |
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8:30 a.m. ET: Canada’s building permits for March. Estimate is a rise of 5.0 per cent from February. |
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8:30 a.m. ET: Canada’s new housing price index for April. Estimate is a decline of 0.2 per cent from March and down 2.1 per cent year-over-year. |
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10 a.m. ET: U.S. pending home sales for April. Consensus is a rise of 1.7 per cent from March. |
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With Reuters and The Canadian Press |
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