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Global markets were mixed as oil jumped on the stalemate in U.S.-Iranian talks, ahead of a data-packed week that carries macroeconomic risk. |
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Wall Street futures were in negative territory after major North American markets closed higher on Friday. |
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TSX futures followed sentiment lower. |
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“This week brings a relatively busy economic calendar, with the focus on the US labour market and inflation, and another important test for the AI trade with Micron earnings,” Ipek Ozkardeskaya, senior analyst at Swissquote, wrote in a note. |
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Overseas, the pan-European STOXX 600 was up 0.2 per cent in morning trading. Britain’s FTSE 100 rose 0.24 per cent, Germany’s DAX gained 0.08 per cent and France’s CAC 40 climbed 0.18 per cent. |
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In Asia, Japan’s Nikkei closed 0.73 per cent lower, while Hong Kong’s Hang Seng advanced 0.54 per cent. |
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Brent crude oil rebounded after U.S. President Donald Trump rejected a peace deal from Iran to resolve their conflict and reopen the Strait of Hormuz. |
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Brent futures rose 3.6 per cent to US$108.10 a barrel. West Texas Intermediate (WTI) crude traded at US$95.71 a barrel, up 3.57 per cent. |
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“While greater flows through the Strait of Hormuz is easing some of the upward pressure on prices, the bigger picture is that the oil market remains in a deficit,” said Hamad Hussain, senior climate and commodities economist at Capital Economics. |
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In other commodities, spot gold dropped 3 per cent to US$4,156.45 an ounce, hitting its lowest since Aug. 5. U.S. gold futures for December delivery fell 3.1 per cent to US$4,188.80. |
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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 70.75 US cents in early trading. The Canadian dollar was down about 2.18 per cent against the greenback over the past month. It traded at $1.4164 per US$1. |
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The U.S. dollar index, which weighs the greenback against a group of currencies, rose 0.16 per cent to 101.13. |
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The euro slid 0.21 per cent to US$1.1367. The British pound rose 0.03 per cent to US$1.3249. |
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In bonds, the yield on the U.S. 10-year note was last up at 5.236 per cent. |
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China industrial profits and current account surplus |
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10:30 a.m. ET: U.S. Dallas Fed Manufacturing Activity Index for September. |
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With Reuters and The Canadian Press |
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