Global markets were on the rise after strong earnings and forecasts from chip giants Micron and Qualcomm helped alleviate some ​concerns over the red-hot AI rally.

Wall Street futures were in positive territory ahead of key inflation data later this morning.

TSX futures followed sentiment higher after Canada’s main stock market closed yesterday at a 13-day low.

In Canada, investors are getting results from BlackBerry Ltd.

“It doesn’t take much to restore confidence among stock traders, especially when mega themes such as AI are the main driver,” said Matt Simpson, senior market analyst at StoneX.

“Until the wheels truly fall off the ​global economy, traders will look for any excuse to buy a dip. This ‌week’s excuse was Micron,” he said.

Overseas, the pan-European STOXX 600 was up 0.63 per cent in morning trading. Britain’s FTSE 100 rose 0.31 per cent, Germany’s DAX gained 0.73 per cent and France’s CAC 40 advanced 0.54 per cent.

In Asia, Japan’s Nikkei closed 4.6 per cent higher, while Hong Kong’s Hang Seng fell 1.43 per cent.

Oil prices fell to levels last seen before ​the start of the Iran war as expectations ‌of rising supply from the Middle East outweighed demand concerns.

Brent crude futures for August delivery were down 1.4 per cent to US$72.70 a barrel, while West ⁠Texas Intermediate (WTI) crude futures ​lost 1.2 per cent to trade at US$69.52 a barrel.

Both contracts hit their lowest since Feb. 27.

“The speed of this decline has caught plenty off guard as ​markets price in a much faster return of Middle ‌Eastern barrels than most had anticipated just a fortnight ago,” IG analyst Tony Sycamore said in a note.

In other commodities, spot gold held its ground ​at US$3,999.33 an ounce. U.S. gold futures for August delivery fell 0.2 per cent to US$4,014.90.

The Canadian dollar weakened against its U.S. counterpart.

The day range on the loonie was 70.20 US cents to 70.32 US cents in early trading. The Canadian dollar was down about 3.17 per cent against the greenback over the past month.

The U.S. dollar index, which weighs the greenback against a group of currencies, slipped 0.03 per cent to 101.58. The dollar was pegged at $1.4239.

The euro edged down 0.03 per cent to US$1.1357. The British pound advanced 0.07 per cent to US$1.3176.

In bonds, the yield on the U.S. 10-year note was last up at 4.414 per cent.

China’s current account surplus

Japan’s machine tool orders

Germany’s consumer confidence

8:30 a.m. ET: Canada’s job vacancy rate for April.

8:30 a.m. ET: U.S. initial jobless claims for week of June 20. Estimate is 230,000, up 4,000 from the previous week.

8:30 a.m. ET: U.S. personal spending and income for May. The Street is expecting month-over-month increases of 0.6 per cent and 0.4 per cent, respectively.

8:30 a.m. ET: U.S. core PCE price index for May. The consensus forecast is a rise of 0.3 per cent from April and up 3.4 per cent year-over-year.

8:30 a.m. ET: U.S. real GDP and price index for Q1. The Street is projecting annualized rate increases of 1.6 per cent and 3.5 per cent, respectively.

8:30 a.m. ET: U.S. real GDP by industry for Q1.

8:30 a.m. ET: U.S. pretax corporate profits for Q1.

8:30 a.m. ET: U.S. durable and core goods orders for May.

With Reuters and The Canadian Press