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World stocks rallied as the U.S. Congress looked set to end a federal shutdown, paving the way for an end to a data fog that has fuelled uncertainty over the U.S. economic outlook. |
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Wall Street futures edged higher, with Dow futures rising 0.1 per cent, S&P500 futures advancing 0.3 per cent and Nasdaq futures gaining 0.6 per cent as of 6:15 a.m. |
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TSX futures were also up. |
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In Canada, investors are getting results from Manulife Financial Corp., Loblaw Companies Ltd., Power Corp. of Canada, SmartCentres REIT and Northland Power Corp. |
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On Wall Street, markets are watching earnings from Cisco Systems Inc. |
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“There was always a risk that if the shutdown continued, further growth would be impacted and so data would be hard to read,” said State Street’s head of macro strategy Michael Metcalfe. |
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“So, the fact that we’ve finally got through the shutdown means there is a relief that there isn’t going to be a significant shutdown-driven slowdown in growth.” |
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Overseas, the pan-European STOXX 600 advanced 0.70 per cent in early trading. Britain’s FTSE 100 fell 0.13 per cent, Germany’s DAX gained 1.22 per cent and France’s CAC 40 was up 1.14 per cent. |
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In Asia, Japan’s Nikkei closed 0.43 per cent higher, while Hong Kong’s Hang Seng gained 0.85 per cent. |
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Oil prices fell, weighed down by oversupply in the market, while expectations that an end to the U.S. government shutdown could boost oil demand curbed losses. |
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Brent crude futures slipped 0.9 per cent to US$64.56 a barrel. West Texas Intermediate crude was down about 1 per cent at US$60.42 a barrel. |
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In other commodities, spot gold was steady at US$4,124.17 per ounce. U.S. gold futures for December delivery rose 0.3 per cent to US$4,130 per ounce. |
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The Canadian dollar was little changed against its U.S. counterpart. |
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The day range on the loonie was 71.31 US cents to 71.42 US cents in early trading. The Canadian dollar was up about 0.2 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, gained 0.18 per cent to 99.62. |
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The euro fell 0.1 per cent to US$1.1571. The British pound was down 0.21 per cent to US$1.3124. |
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In bonds, the yield on the U.S. 10-year note was last down at 4.091 per cent. |
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Japan machine tool orders |
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(8:30 a.m. ET) Canadian building permits for September. |
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(1:30 p.m. ET) Bank of Canada’s Summary of Deliberations for the Oct. 29 decision. |
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With Reuters and The Canadian Press |
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