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Global markets were on the upswing as oil prices retreated, although investors remained cautious about developments in the Middle East and surging bond yields. |
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Wall Street futures were in positive territory after a mixed close on North American markets yesterday. |
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TSX futures followed sentiment higher. |
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“Even though the conflict in the Middle East seems like it’s potentially reaching a positive phase of dialogue and agreement, there’s still a lot of uncertainty because we’ve been here before,” said Daniela Hathorn, a senior market analyst at Capital.com. |
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Overseas, the pan-European STOXX 600 was up 0.66 per cent in morning trading. Britain’s FTSE 100 rose 0.33 per cent, Germany’s DAX advanced 0.83 per cent and France’s CAC 40 climbed 0.21 per cent. |
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In Asia, Japan’s Nikkei closed 1.3 per cent higher, while Hong Kong’s Hang Seng dropped 1.01 per cent. |
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Oil prices fell as markets weighed the possibility of a truce between the U.S. and Iran against concerns that increasing attacks against Saudi Arabia by Houthi fighters could disrupt supply from the key Middle Eastern producer. |
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Brent futures were down 1 per cent to US$105.50, while West Texas Intermediate (WTI) slid 1.7 per cent to US$92.94 a barrel. |
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U.S. and Iranian negotiators in New York are exploring a phased path out of war that would involve Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade of Iran, sources close to the talks said this week. |
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“At this point, neither Iran nor the U.S. has an interest in a more intense, less controllable war,” SEB Research’s Erik Meyersson said in a note. “The next couple of days could represent a watershed moment in the Iran War.” |
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In other commodities, spot gold edged up 0.3 per cent to US$4,291.06 an ounce. U.S. gold futures rose 0.7 per cent to US$4,326.60. |
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The Canadian dollar weakened against its U.S. counterpart. |
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The day range on the loonie was 70.58 US cents to 70.90 US cents in early trading. The Canadian dollar was down about 1.68 per cent against the greenback over the past month. It traded at $1.4142 per US$1. |
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The U.S. dollar index, which weighs the greenback against a group of currencies, slid 0.24 per cent to 101.04. |
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The euro rose 0.11 per cent to US$1.1396. The British pound gained 0.19 per cent to US$1.3245. |
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In bonds, the yield on the U.S. 10-year note was last down at 5.178 per cent. |
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8:30 a.m. ET: Canadian wholesale trade for August. |
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8:30 a.m. ET: U.S. durable and core goods orders for August. |
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10:00 a.m. ET: U.S. University of Michigan Consumer Sentiment Index for September. |
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Also: Ottawa’s Fiscal Monitor for July. |
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With Reuters and The Canadian Press |
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