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Global stocks were muted as impending U.S. sanctions on Iran kept risk appetite in check while markets eyed corporate earnings this week. |
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Wall Street futures pointed lower after major North American markets closed up on Friday. |
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TSX futures were in positive territory ahead of bank earnings this week. As Stefanie Marotta reports, investors are setting a high bar for their profits after share prices soared this year, and analysts expect lenders to meet those expectations bolstered by strong capital markets activity and rising loan demand. |
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The tech sector was on edge for Nvidia’s results on Wednesday; investors are aware how hard it will be for the chipmaker to meet stratospheric expectations. |
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“The big news this week will be Nvidia earnings ... The tone of that might drive sentiment into the Nasdaq (market),” said Nutshell Asset Management CIO Mark Ellis. |
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Overseas, the pan-European STOXX 600 was up 0.1 per cent in morning trading. Britain’s FTSE 100 rose 0.19 per cent, Germany’s DAX edged up 0.03 per cent and France’s CAC 40 slipped 0.4 per cent. |
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In Asia, Japan’s Nikkei closed 0.74 per cent lower, while Hong Kong’s Hang Seng dropped 1.89 per cent. |
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Oil prices slipped as investors took profits ahead of an expected announcement from Washington about imposing more sanctions on Iran that may further disrupt supplies from the Middle East. |
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Brent crude futures fell 1.6 per cent to US$92.86, while West Texas Intermediate (WTI) crude traded at US$85.05 a barrel, down 2.3 per cent. |
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U.S. Treasury Secretary Scott Bessent, who is set to hold a press conference at 2 p.m. ET, has threatened to impose “the toughest sanctions in history” on Iran. President Donald Trump has also threatened to impose sanctions on Iran’s trading partners. |
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“Oil slipped after a two-week rally as traders awaited the US plan to economically isolate Iran due later Monday,” said Saxo Bank analysts in a note. |
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In other commodities, spot gold was up 0.7 per cent at UA$4,635.25 an ounce, hitting its highest level since mid May. U.S. gold futures rose 0.2 per cent to US$4,691.10. |
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The day range on the loonie was 72.22 US cents to 72.62 US cents in early trading. The Canadian dollar was up about 2 per cent against the greenback over the past month. It traded at $1.3834 per $US1. |
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The U.S. dollar index, which weighs the greenback against a group of currencies, gained 0.18 per cent to 98.98. |
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The euro slid 0.14 per cent to US$1.1665. The British pound declined 0.1 per cent to US$1.3632. |
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In bonds, the yield on the U.S. 10-year note was last down at 4.710 per cent. |
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8:30 a.m. ET: U.S. Chicago Fed National Activity Index for July. |
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With Reuters and The Canadian Press |
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