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Global shares were mixed after a run of soft U.S. economic data saw markets reduce bets for an imminent rate hike from the Federal Reserve. |
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Wall Street futures were also mixed with the Dow pointing lower after major North American markets closed down on Friday. |
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This week “we will have a better idea of the possible K-shaped U.S. growth, with big retailers due to announce how they performed in [the second quarter] amid rising energy prices, higher inflation and weakening consumer sentiment,” Ipek Ozkardeskaya, senior analyst for Swissquote, wrote in a note. |
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“I expect to see soft results for many retailers, and a strong quarter for those offering low prices – like Walmart – but the latter will probably not change the fact that the biggest earners in the S&P 500 earned big despite the potentially weakening consumer leg of the economy. On the contrary, results pointing to weaker domestic consumption could further tame inflation worries, help ease Fed hike bets.” |
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Overseas, the pan-European STOXX 600 was up 0.04 per cent in morning trading. Britain’s FTSE 100 rose 0.02 per cent, Germany’s DAX declined 0.06 per cent and France’s CAC 40 gave back 0.16 per cent. |
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In Asia, Japan’s Nikkei closed 0.74 per cent higher, while Hong Kong’s Hang Seng gained 1.34 per cent. |
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Oil prices climbed amid stalled U.S.-Iran talks reviving concerns over prolonged Middle East tensions, but the absence of major supply outages limited upside. |
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Brent crude futures were up 1.15 per cent to US$89.36. West Texas Intermediate (WTI) crude futures climbed 0.79 per cent to US$83.05 a barrel. |
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“Oil prices have now rebounded almost completely from the lows seen in early August, as hopes for a more permanent resolution between the U.S. and Iran have faded and geopolitical risk premiums have returned to the market,” said Priyanka Sachdeva, head of market insights for Phillip Nova in Singapore. |
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In other commodities, spot gold rose 0.6 per cent to US$4,402.49 an ounce. U.S. gold futures for December delivery edged 0.5 per cent higher to US$4,458.70. |
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The Canadian dollar strengthened against its U.S. counterpart. |
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The day range on the loonie was 72.03 US cents to 72.19 US cents in early trading. The Canadian dollar was up about 1.53 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, slid 0.21 per cent to 99.46. The dollar was pegged at $1.3860. |
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The euro rose 0.2 per cent to US$1.1596. The British pound climbed 0.18 per cent to US$1.3559. |
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In bonds, the yield on the U.S. 10-year note was last down at 4.692 per cent. |
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China retail sales, industrial production and fixed asset investment |
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Japan real GDP and industrial production |
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8:30 a.m. ET: Canadian CPI for July. The Street expects an increase of 0.5 per cent from June and up 3.0 per cent year-over-year. |
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8:30 a.m. ET: Canadian new motor vehicle sales for June. Estimate is a year-over-year rise of 2.5 per cent. |
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8:30 a.m. ET: Canada’s international securities transactions for June. |
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8:30 a.m. ET: U.S. Empire State Manufacturing Survey for August. |
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10 a.m. ET: U.S. NAHB Housing Market Index for August. |
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4 p.m. ET: U.S. TIC flows for June. |
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With Reuters and The Canadian Press |
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