|
|
|
|
|
|
|
|
|
|
Global markets rebounded after U.S. President Donald Trump abandoned tariff threats linked to Greenland and ruled out using force to seize the autonomous Danish territory. |
|
|
|
|
Wall Street futures were in the black after major U.S. markets closed higher yesterday after Trump announced a Greenland deal framework. |
|
|
|
|
TSX futures followed sentiment higher. |
|
|
|
|
In Canada, investors are getting results from Novagold Resources Inc. |
|
|
|
|
On Wall Street, markets are watching earnings from Procter & Gamble Co., GE Aerospace, Intel Corp., Abbott Laboratories, Capital One Financial Corp., CSX Corp., Alcoa Corp. and Freeport McMoran Inc. |
|
|
|
|
But “the chaos is far from over and there’ll be ongoing volatility in the markets because of the Trump administration’s erratic foreign policy,” said Kyle Rodda, senior financial market analyst at Capital.com. |
|
|
|
|
|
|
|
|
Analysts also cautioned against complacency and urged investors to remain wary as tariff threats become an increasingly normalized negotiating tactic. |
|
|
|
|
“The hidden risk is complacency. Investors get conditioned to ignore threats because ‘it’ll get walked back,’ until the day it doesn’t get walked back,” said Matthew Tuttle, CEO of Tuttle Capital Management. |
|
|
|
|
Overseas, the pan-European STOXX 600 was up 1.2 per cent in morning trading. Britain’s FTSE 100 rose 0.48 per cent, Germany’s DAX gained 1.41 per cent and France’s CAC 40 advanced 1.23 per cent. |
|
|
|
|
In Asia, Japan’s Nikkei closed 1.73 per cent higher, while Hong Kong’s Hang Seng climbed 0.17 per cent. |
|
|
|
|
|
|
|
|
|
|
Oil prices dropped after Trump softened threats against Greenland and Iran, and as investors assessed the supply and demand outlook. |
|
|
|
|
Brent crude was down 1.6 per cent to US$64.17 a barrel. West Texas Intermediate (WTI) for March delivery declined 1.7 per cent to US$59.60 a barrel. |
|
|
|
|
“There is a deflation of risk premium related to the Greenland debacle and Iran supply risk has also been reduced,” said Ole Hansen, chief commodity analyst at Saxo Bank. |
|
|
|
|
In other commodities, spot gold eased 0.3 per cent to US$4,824.18 an ounce. U.S. gold futures for February delivery declined 0.2 per cent to US$4,826 an ounce. |
|
|
|
|
|
|
|
|
|
|
The Canadian dollar strengthened against its U.S. counterpart. |
|
|
|
|
The day range on the loonie was 72.22 US cents to 72.39 US cents in early trading. The Canadian dollar was down about 0.91 per cent against the greenback over the past month. |
|
|
|
|
The U.S. dollar index, which weighs the greenback against a group of currencies, edged down 0.07 per cent to 98.69. |
|
|
|
|
The euro rose 0.09 per cent to US$1.1697. The British pound slid 0.16 per cent to US$1.3408. |
|
|
|
|
In bonds, the yield on the U.S. 10-year note was last up at 4.252 per cent. |
|
|
|
|
|
|
|
|
|
|
Bank of Japan monetary policy meeting (through Friday) |
|
|
|
|
|
|
|
|
|
|
Euro zone consumer confidence |
|
|
|
|
8:30 a.m. ET: Canada’s new housing price indexes. Analysts expect a decline of 0.1 per cent month-over-month and 2.0 per cent year-over-year. |
|
|
|
|
8:30 a.m. ET: U.S. initial jobless claims for week of Jan. 17. Estimate is 205,000, up 7,000 from the previous week. |
|
|
|
|
8:30 a.m. ET: U.S. real GDP for Q3. Consensus is an annualized rate rise of 4.3 per cent. |
|
|
|
|
8:30 a.m. ET: U.S. pre-tax corporate profits for Q3. The Street expects a year-over-year gain of 9.1 per cent. |
|
|
|
|
10 a.m. ET: U.S. personal spending and income for November. The consensus projections are month-over-month gains of 0.5 per cent and 0.4 per cent, respectively. |
|
|
|
|
10 a.m. ET: U.S. core PCE price index for November. The Street is forecasting a month-over-month gain of 0.2 per cent and year-over-year rise of 2.7 per cent. |
|
|
|
|
With Reuters and The Canadian Press |
|
|
