Global stocks were muted, while sinking crude prices heralded inflation relief and pushed bond yields lower ahead of Kevin Warsh’s debut meeting as chair of the U.S. Federal Reserve.

Wall Street futures were mixed, with S&P 500 and Nasdaq futures pointing higher; TSX futures were in negative territory. In the previous session, the Nasdaq and S&P 500 finished lower, while the Dow and TSX marked their second straight record closes.

In Canada, investors are getting results from Andrew Peller Ltd., which on Monday agreed to be bought by Fairfax Financial Holdings Ltd.

Overseas, the pan-European STOXX 600 was up 0.30 per cent in morning trading. Britain’s FTSE 100 declined 0.09 per cent, Germany’s DAX was unchanged and France’s CAC 40 rose 0.21 per cent.

In Asia, Japan’s Nikkei closed 0.72-per-cent higher, while Hong Kong’s Hang Seng finished 0.74-per-cent lower.

Oil prices steadied, hovering near a three-month low, as investors weighed the impact of a U.S.-Iran peace deal and the International Energy Agency’s warning that supply could significantly overtake demand next year.

Both oil benchmarks were down about 0.2 per cent, with Brent crude futures dipping to US$78.81 a barrel and U.S. West Texas Intermediate falling to US$75.93 a barrel.

“Markets are broadly stripping out the embedded geopolitical risk premium in oil prices,” said Priyanka Sachdeva, senior market analyst at Phillip Nova. “That said, the path toward normalization remains far from straightforward. While political agreements may be progressing, physical tanker traffic through the Strait has yet to fully recover.”

In other commodities, spot gold was flat at US$4,323.50 per ounce. U.S. gold futures for August delivery were down 0.3 per cent at US$4,342.40.

The Canadian dollar weakened against its U.S. counterpart.

The day range on the loonie was 71.38 US cents to 71.55 US cents in early trading. The Canadian dollar was down about 1.83 per cent against the greenback over the past month.

The U.S. dollar index, which weighs the greenback against a group of currencies, gained 0.05 per cent to 99.330. The dollar was pegged at $1.4005.

The euro lost 0.04 per cent to US$1.1605. The British pound shed 0.09 per cent to US$1.3415.

In bonds, the yield on the U.S. 10-year note was last down at 4.438 per cent.

8:30 a.m. ET: Canadian new housing price index for May

8:30 a.m. ET: U.S. retail sales for May. Consensus is for a rise of 0.5 per cent, holding steady from April.

2:00 p.m. ET: FOMC announcement and summary of economic projections. Fed chair Warsh holds first press briefing at 2:30 p.m. ET.

With Reuters and The Canadian Press