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Global markets steadied after Nvidia’s strong sales growth forecast bolstered technology shares, while geopolitical uncertainty and a stubbornly high U.S. inflation measure subdued trade elsewhere. |
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Wall Street futures were mixed with the tech-heavy Nasdaq charging higher. |
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TSX futures were in the red as the country’s biggest banks are set to close out earnings season. |
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Investors are getting results from Royal Bank of Canada, Toronto-Dominion Bank and Canadian Imperial Bank of Commerce. |
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As Andrew Willis reports, CIBC picked up more business from domestic clients and kept loan losses in check to continue the sector’s streak of third quarter profits that beat analysts’ expectations. |
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On Wall Street, markets are watching earnings from Best Buy Co. Inc., Autodesk Inc., Marvell Technology Inc., Dollar General Corp., and Dollar Tree Inc. |
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“Nvidia’s earnings can’t be ignored,” said Ipek Ozkardeskaya, senior analyst at Swissquote, noting the sales outlook made the difference. |
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“No matter how high the expectations were, no matter how much higher the whisper numbers sat, Nvidia managed to beat all of these expectations.” |
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Overseas, the pan-European STOXX 600 was down 0.38 per cent in morning trading. Britain’s FTSE 100 fell 0.47 per cent, Germany’s DAX advanced 0.24 per cent and France’s CAC 40 dropped 0.98 per cent. |
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In Asia, Japan’s Nikkei closed 0.2 per cent lower, while Hong Kong’s Hang Seng declined 0.34 per cent. |
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Oil prices steadied on expectations that talks between Iran and Qatar might open the Strait of Hormuz and reduce supply disruptions from the Middle East war. |
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Brent crude futures were up 0.13 per cent to US$87.95 a barrel. West Texas Intermediate (WTI) crude futures dropped 0.19 per cent to US$82.07. |
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“Oil has weakened again today as the market prices in rising expectations that a deal could materialize which would increase shipping numbers through the Strait of Hormuz,” KCM chief market analyst Tim Waterer said. |
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“If Hormuz were to reopen more fully, a further leg lower in crude is possible, but the market is unlikely to price a complete return to pre-conflict levels overnight.” |
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In other commodities, spot gold was up 0.2 per cent to US$4,599.57 an ounce. U.S. gold futures were steady at US$4,652.70. |
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The Canadian dollar weakened against its U.S. counterpart. |
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The day range on the loonie was 71.98 US cents to 72.09 US cents in early trading. The Canadian dollar was up about 0.94 per cent against the greenback over the past month. It traded at $1.3884 per US$1. |
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The U.S. dollar index, which weighs the greenback against a group of currencies, rose 0.07 per cent to 99.24. |
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The euro slid 0.09 per cent to US$1.1644. The British pound dropped 0.14 per cent to US$1.3577. |
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In bonds, the yield on the U.S. 10-year note was last up at 4.671 per cent. |
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Japan machine tool orders |
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Euro zone private sector credit growth |
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Germany consumer confidence |
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8:30 a.m. ET: Canada’s current account balance for Q2. |
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8:30 a.m. ET: Canada’s SEPH survey (payrolls and vacancy rate) for June. |
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8:30 a.m. ET: U.S. initial jobless claims for week of Aug. 22. Estimate is 208,000, a gain of 2,000 from the previous week. |
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8:30 a.m. ET: U.S. goods trade deficit for July. |
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8:30 a.m. ET: U.S. wholesale and retail inventories for July. |
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Also: Jackson Hole Economic Symposium begins (through Saturday) |
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With Reuters and The Canadian Press |
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