A look at Wednesday morning’s market action
Global markets continued to rebound, with stocks rising in Asia and Europe, as investors sought to recoup from the global selloff and tech pullback earlier this week. TSX futures were also in positive territory after stocks closed lower yesterday, as investors caught up to the global selloff on Monday, when the Canadian market was closed.
They are also eyeing deliberations from the Bank of Canada’s July 24 meeting, set for release this afternoon.“I think you need to look at what didn’t happen on Monday to get a sense of where this fits relative to other big periods of volatility ... in other crises you’d see the market for interbank funding get a lot tighter, and that didn’t happen, gold didn’t perform, and commodities didn’t collapse,” said Tim Graf, head of macro strategy for Europe at State Street Global Markets.
Oil prices edged higher, though Brent still hovered near seven-month lows, pressured by concerns over weak demand and fears of a U.S. recession. The threat of conflict escalating in the Middle East and endangering oil production has supported prices. In other commodities, gold prices held nearly steady as traders awaited further cues to gauge the size of the Federal Reserve’s likely September interest rate cut.
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