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Global markets came under pressure after a tech-led selloff on Wall Street yesterday and as investors anticipated comments by U.S. Federal Reserve chairman Jerome Powell on the direction of interest rates on Friday. |
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Wall Street futures were in negative territory, while TSX futures were little changed. |
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On Wall Street, markets are watching earnings from Lowe’s Cos. Inc., Analog Devices Inc., Target Corp., TJX Cos. Inc. and Estee Lauder Cos. Inc. |
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While there was no immediate trigger behind the selloff in technology stocks, analysts pointed to a confluence of factors, including U.S. President Donald Trump’s growing influence over the sector and a general risk-off mood. |
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“What we’re seeing is a relatively broad momentum unwind, probably triggered by some de-risking ahead of Powell’s remarks at Jackson Hole on Friday,” said Michael Brown, senior research strategist at Pepperstone. |
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Overseas, the pan-European STOXX 600 was up 0.11 per cent in morning trading. Britain’s FTSE 100 rose 0.25 per cent, Germany’s DAX fell 0.29 per cent and France’s CAC 40 gave back 0.02 per cent. |
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In Asia, Japan’s Nikkei closed 1.51 per cent lower, while Hong Kong’s Hang Seng inched up 0.17 per cent. |
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Oil prices were up as the American Petroleum Institute reported a drop in U.S. crude inventories and investors awaited the next steps in talks to end the Ukraine war, with sanctions on Russian crude remaining in place for now. |
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Brent crude futures rose 0.7 per cent to US$66.23 a barrel. West Texas Intermediate (WTI) crude futures for September delivery, set to expire today, gained 1 per cent to US$63. |
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“It seems oil prices are thrown down one day, followed by a rebound the next day. The API report was on the positive side, so I assume some price support is coming from that,” said Giovanni Staunovo, an analyst at UBS. |
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In other commodities, spot gold gained 0.2 per cent to US$3,321.33 an ounce, after reaching its lowest level since Aug. 1. U.S. gold futures for December delivery rose 0.2 per cent to US$3,364.20. |
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The Canadian dollar weakened against its U.S. counterpart. |
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The day range on the loonie was 72.02 US cents to 72.15 US cents in early trading. The Canadian dollar was up/down about 2 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, edged down 0.01 per cent to 98.25. |
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The euro slipped 0.03 per cent to US$1.1646. The British pound advanced 0.05 per cent to US$1.3497. |
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In bonds, the yield on the U.S. 10-year note was last down at 4.301 per cent. |
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Japan trade balance and core machine orders |
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(8:30 a.m. ET) Canada’s New Housing Price Index for July. Estimates are a month-over-month decline of 0.2 per cent and 1.5-per-cent drop year-over-year. |
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(2 p.m. ET) U.S. Fed minutes from July 29-30 meeting are released. |
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With Reuters and The Canadian Press |
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