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Global stocks were muted as bond yields steadied just below multiyear highs amid war-driven inflation fears, though yields remain high enough to cloud the outlook for Nvidia’s results due later in the day. |
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Wall Street futures were in positive territory after major U.S. and Canadian stock indexes closed lower on Tuesday. |
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TSX futures pointed lower. |
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On Wall Street, markets are watching earnings from Analog Devices Inc., Intuit Inc., Lowe’s Companies Inc., Target Corp. and TJX Companies Inc. Expectations remain high for Nvidia earnings, with revenue forecast to jump nearly 80 per cent to about US$79-billion, according to an LSEG survey of analysts. |
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“At this point of time, it remains my base case that we are seeing a corrective pullback after an absolutely phenomenal rally,” said IG analyst Tony Sycamore. “The U.S. yields obviously are creating some rumbles in the market and now attracting a lot of attention.” |
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Overseas, the pan-European STOXX 600 rose 0.24 per cent in morning trading. Britain’s FTSE 100 was flat, Germany’s DAX gained 0.29 per cent and France’s CAC 40 advanced 0.30 per cent. |
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In Asia, Japan’s Nikkei closed 1.23 per cent lower, while Hong Kong’s Hang Seng finished 0.57 per cent lower. |
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Oil prices were down after U.S. President Donald Trump again asserted the war with Iran will end “very quickly,” though investors remain wary about the outcome of peace talks amid continued disruptions to Middle Eastern supply. |
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Brent crude oil futures fell 1.4 per cent to US$109.76 a barrel, while U.S. West Texas Intermediate futures were down 1.3 per cent to US$102.79. |
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“Prices are likely to still exhibit some upside potential even if a deal is concluded, given that supply will likely not return to pre-war levels immediately,” said LSEG research analyst Emril Jamil. |
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In other commodities, spot gold was unchanged US$4,480.29 per ounce. U.S. gold futures for June delivery lost 0.6 per cent to US$4,482.80. |
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The Canadian dollar weakened against its U.S. counterpart. |
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The day range on the loonie was 72.56 US cents to 72.78 US cents in early trading. The Canadian dollar was down about 0.77 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, gained 0.10 per cent to 99.37. The dollar was pegged at $1.3778. |
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The euro slid 0.15 per cent to US$1.1591. The British pound fell 0.10 per cent to US$1.3384. |
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In bonds, the yield on the U.S. 10-year note was last down at 4.646 per cent. |
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8:30 a.m. ET: Canada’s household and mortgage credit for March. |
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2 p.m. ET: U.S. Fed minutes from April 28-29 meetings are released. |
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With Reuters and The Canadian Press |
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