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Global markets drifted as traders turned their attention to the Federal Reserve meeting and the implications of the U.S. allowing Nvidia’s second-best chips to be exported to China. |
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Wall Street futures edged up, while TSX futures pointed higher. |
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In Canada, investors are getting results from Groupe Dynamite Inc. |
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On Wall Street, markets are watching earnings from AutoZone Inc. and GameStop Corp. |
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A Fed 25-basis-point rate cut is all but priced in, but there is plenty more for investors to be watching. |
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“Between the possible dissents, Fed chair [Jerome] Powell’s tone, and the summary of economic projections, I think there’s a lot of ways markets could be surprised,” said Erica Camilleri, senior global macro analyst at Manulife Investment Management. |
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Overseas, the pan-European STOXX 600 was flat in morning trading. Britain’s FTSE 100 edged up 0.11 per cent, Germany’s DAX rose 0.31 per cent and France’s CAC 40 retreated 0.57 per cent. |
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In Asia, Japan’s Nikkei closed 0.14 per cent higher, while Hong Kong’s Hang Seng dropped 1.29 per cent. |
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Oil prices edged down, extending losses from the 2-per-cent drop in the previous session, with markets keeping a close eye on peace talks to end Russia’s war in Ukraine, concerns about ample supply and a looming decision on U.S. interest rates. |
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Brent crude futures were down 0.1 per cent to US$62.42 a barrel. West Texas Intermediate crude (WTI) was at US$58.75, down 0.2 per cent. |
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“Oil is keeping to a tight trading range until we get a better idea of which way the peace talks will go,” KCM Trade chief market analyst Tim Waterer said. |
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“If the talks break down, we expect oil to move higher, or if progress is made, and there is a likelihood of Russian supply to the global energy market resuming, prices would be expected to drop,” he added. |
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In other commodities, spot gold rose 0.47 per cent to US$4,208.39 an ounce. U.S. gold futures for February delivery rose 0.48 per cent to US$4,237.80 an ounce. |
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The Canadian dollar strengthened against its U.S. counterpart. |
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The day range on the loonie was 72.15 US cents to 72.27 US cents in early trading. The Canadian dollar was up about 1.28 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, was little changed at 99.08. |
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The euro advanced 0.04 per cent to US$1.1644. The British pound gained 0.08 per cent to US$1.3333. |
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In bonds, the yield on the U.S. 10-year note was last down at 4.158 per cent. |
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Japan machine tool orders |
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(10 a.m. ET) U.S. Job Openings & Labor Turnover Survey for October. |
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Also: U.S. Federal Reserve meeting begins |
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With Reuters and The Canadian Press |
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