A look at Tuesday morning’s market action
Global markets were mostly on the rise, driven by expectations that the U.S. Federal Reserve could offer further hints of imminent interest rate cuts later this week at the Jackson Hole symposium. TSX futures were in negative territory after the market his an all-time high yesterday and ahead of July inflation data due out this morning that could signal the Bank of Canada’s next interest rate move.
“Markets will likely turn on the extent to which Powell opens the door for the possibility of a 50-basis-point cut at one of the next three FOMC meetings.” Oil prices edged lower as worries eased about supply disruptions in the Middle East while China’s economic weakness weighed on the demand outlook.
“On the one hand the thinner liquidity in the oil market at present, on the other hand some of the comments from State Secretary Blinken on a possible Gaza ceasefire deal, triggering an unwinding of some oil price spike hedge positions,” UBS analyst Giovanni Staunovo said.
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