|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global markets traded near record highs ahead of a widely anticipated U.S. Federal Reserve rate cut later today as well as the Bank of Canada’s policy announcement this morning. |
|
|
|
|
Wall Street futures were little changed, while TSX futures pointed lower after major North American markets closed down yesterday. |
|
|
|
|
On Wall Street, markets are watching earnings from General Mills Inc. |
|
|
|
|
“A rate cut is fully priced in. There were some questions around a 50 bps cut given the doves on the board but I think that’s less likely,” said Nina Stanojevic, senior investment specialist at St. James’s Place. |
|
|
|
|
“What will be interesting is the narrative that comes out of the meeting and where the trajectory of rates is going to be.” |
|
|
|
|
Overseas, the pan-European STOXX 600 was up 0.07 per cent in morning trading. Britain’s FTSE 100 gained 0.26 per cent, Germany’s DAX advanced 0.06 per cent and France’s CAC 40 was flat. |
|
|
|
|
|
|
|
|
In Asia, Japan’s Nikkei closed 0.25 per cent lower, while Hong Kong’s Hang Seng rose 1.75 per cent to a four-year high on AI optimism and hopes of a U.S. TikTok deal. |
|
|
|
|
|
|
|
|
|
|
Oil prices eased after rising more than 1 per cent yesterday due to concerns that Russian supplies may be disrupted by Ukrainian attacks. |
|
|
|
|
Brent crude futures were down 0.6 per cent to US$68.06 a barrel. West Texas Intermediate (WTI) crude futures declined 0.6 per cent to US$64.14 a barrel. |
|
|
|
|
“If the drone damage (to Russian energy infrastructure) proves to be short-lived, the recent range ... will resume,” said PVM Oil Associates analyst John Evans. |
|
|
|
|
“Given the impasse in sanctions and the arrival of more OPEC barrels, the only hope for an oil rally has been through the lack of distillate stock as we approach winter.” |
|
|
|
|
In other commodities, spot gold fell 0.7 per cent to US$3,671.61 an ounce after hitting a record high of US$3,702.95 yesterday. U.S. gold futures for December delivery fell 0.4 per cent to US$3,709. |
|
|
|
|
|
|
|
|
|
|
The Canadian dollar weakened against its U.S. counterpart. |
|
|
|
|
The day range on the loonie was 72.65 US cents to 72.80 US cents in early trading. The Canadian dollar was up about 0.84 per cent against the greenback over the past month. |
|
|
|
|
The U.S. dollar index, which weighs the greenback against a group of currencies, rose 0.15 per cent to 96.78. |
|
|
|
|
The euro fell 0.27 per cent to US$1.1837. The British pound slipped 0.03 per cent to US$1.3642. |
|
|
|
|
In bonds, the yield on the U.S. 10-year note was last down at 4.019 per cent. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8:30 a.m. ET) Canada’s international securities transactions for July. |
|
|
|
|
(8:30 a.m. ET) U.S. housing starts for August. The Street is projecting an annualized rate decline of 4.4 per cent. |
|
|
|
|
(8:30 a.m. ET) U.S. building permits for August. Consensus is an annualized rate increase of 0.6 per cent. |
|
|
|
|
(9:45 a.m. ET) Bank of Canada policy announcement with press conference to follow. |
|
|
|
|
(2 p.m. ET) U.S. Fed announcement and summary of economic projections with press briefing to follow. |
|
|
|
|
With Reuters and The Canadian Press |
|
|
