A look at Wednesday morning’s market action
Global stocks traded lower as lacklustre earnings from tech giants Tesla and Alphabet subdued risk appetite. TSX futures were in negative territory as markets waited for the latest rate decision by the Bank of Canada, which is expected to cut its key rate by 25 basis points to 4.5 per cent.
“The bar was set so high for Alphabet that a modest earnings beat couldn’t push the stock higher. So, the market has no news to buy into,” said Kyle Rodda, senior financial market analyst at Capital.com. In Asia, Japan’s Nikkei c;losed 1.11 per cent lower, while Hong Kong’s Hang Seng dropped 0.91 per cent.Oil prices rebounded in early trading, snapping three straight sessions of decline, as falling U.S. crude inventories and growing supply risks from wildfires in Canada boosted prices.
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