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Global markets were mostly lower as investors flocked to safe-haven assets after President Vladimir Putin updated Russia’s nuclear doctrine amid escalating tensions with the United States over Ukraine. |
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Wall Street futures were in negative territory after a mixed close yesterday that saw the Nasdaq and S&P 500 recoup some of last week’s losses. |
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TSX futures followed sentiment lower ahead of October inflation data later this morning. |
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In Canada, investors are getting results from George Weston Ltd. |
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On Wall Street, markets are watching earnings from Walmart Inc., Lowe’s Cos. Inc. and Medtronic PLC. |
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“The market’s movement appears to be driven by this morning’s news about changes to Russia’s nuclear doctrine,” said Michael Weidner, co-head of global fixed income at Lazard Asset Management. |
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“The market is reacting strongly now. This safe-haven trade is evident across various asset classes, with a strong bid in the dollar, Swiss franc, and even to some extent in gold.” |
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Overseas, the pan-European STOXX 600 was down 0.83 per cent in morning trading. Britain’s FTSE 100 declined 0.42 per cent, Germany’s DAX fell 1.09 per cent and France’s CAC 40 gave back 1.1 per cent. |
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In Asia, Japan’s Nikkei closed 0.51 per cent higher, while Hong Kong’s Hang Seng gained 0.44 per cent. |
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Oil prices declined, pressured by the restart of production at Norway’s Johan Sverdrup oilfield, although investor caution arising from fears of an escalation in the Russia-Ukraine war limited the decline. |
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Brent crude futures were down 0.8 per cent to US$72.74 a barrel, while West Texas Intermediate (WTI) crude futures slipped 0.6 per cent to US$68.73. |
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Investors are wary, said Toshitaka Tazawa, an analyst at Fujitomi Securities, as they are “assessing the direction of the Russia-Ukraine war after the weekend’s escalation.” |
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In other commodities, spot gold rose 0.3 per cent to US$2,619.50 an ounce after prices gained 2 per cent yesterday, recovering from a two-month low hit on Thursday. U.S. gold futures advanced 0.4 per cent to US$2,623.70. |
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The Canadian dollar weakened against its U.S. counterpart. |
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The day range on the loonie was 71.23 US cents to 71.41 US cents in the early premarket period. The Canadian dollar was down about 1.5 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, rose 0.14 per cent to 106.42. |
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The euro dropped 0.42 per cent to US$1.0554. The British pound slid 0.33 per cent to US$1.2635. |
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In bonds, the yield on the U.S. 10-year note was last down at 4.372 per cent ahead of the North American opening bell. |
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(8:30 a.m. ET) Canadian CPI for October. The Street is forecasting a rise of 0.3 per cent from September and up 1.9 per cent year-over-year. |
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(8:30 a.m. ET) Canada’s household and mortgage credit for September. |
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(8:30 a.m. ET) U.S. housing starts for October. Consensus is an annualized rate decline of 1.4 per cent. |
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(8:30 a.m. ET) U.S. building permits for October. Consensus is an annualized rate rise of 1.2 per cent. |
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With Reuters and The Canadian Press |
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