Global stocks were mixed and long-dated bond yields hovered around multidecade highs, as a sharp rise in oil prices over the last month amid intensifying conflict in the Middle East ignited inflation fears and expectations for rate hikes around the globe.

Wall Street futures pointed up, after major North American stock indexes closed lower on Thursday.

TSX futures were in positive territory.

In Canada, investors are getting results from Canadian National Railway Co.

On Wall Street, markets are watching earnings from American Express Co., Exxon Mobil Corp., NextEra Energy Inc., and Verizon Communications Inc.

“Two of the world’s busiest shipping corridors are under threat in the same month, and markets are only just beginning to work out what that means,” said Nigel Green, CEO of deVere Group, a financial advisory firm.

Overseas, the pan-European STOXX 600 was up 0.50 per cent in morning trading. Britain’s FTSE 100 rose 0.35 per cent, Germany’s DAX climbed 0.93 per cent and France’s CAC 40 advanced 0.44 per cent.

In Asia, Japan’s Nikkei closed 2.73 per cent lower, while Hong Kong’s Hang Seng lost 0.98 per cent.

Oil futures prices retreated but are still set for hefty weekly gains because of concerns about disrupted energy flows in the Red Sea and fears of further escalation in the U.S.-Israeli war with Iran.

Brent futures fell 1.81 per cent to US$98.87 a barrel. West Texas Intermediate futures were down 1.74 per cent at US$90.59 a barrel.

“Major hubs of oil production or supply routes are surrounded by war,” said PVM Oil Associates analyst John Evans. “The short-term outlook is bullish.”

In other commodities, spot gold eased 0.2 per cent to US$4,037.29 an ounce. U.S. gold futures for August delivery were 0.3-per-cent lower at US$4,039.80.

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

The day range on the loonie was 70.97 US cents to 71.09 US cents in early trading. The Canadian dollar was up about 0.79 per cent against the greenback over the past month.

The U.S. dollar index, which weighs the greenback against a group of currencies, fell 0.08 per cent to 101.21. The dollar was pegged at $1.4084.

The euro gained 0.09 per cent to US$1.1388. The British pound climbed 0.02 per cent to US$1.3318.

In bonds, the yield on the U.S. 10-year note was last down at 4.686 per cent.

Japan inflation data and PMIs

Euro area PMIs and consumer confidence reports

8:30 a.m. ET: Canada industrial product price index and raw materials price index for June.

8:30 a.m. ET: Canadian manufacturing sales for June

8:30 a.m. ET: Canadian wholesale trade for June

8:30 a.m. ET: Canadian new housing price index for June. It’s expected to be down 0.3 per cent on a monthly basis, or a decline of 2.5 per cent on an annual basis.

9:45 a.m. ET: S&P global PMIs

10 a.m. ET: U.S. new home sales

With Reuters and The Canadian Press