A look at Monday morning’s market action
Global markets were subdued ahead of a data-packed week, with the focus on the U.S. Federal Reserve policy decision on Wednesday, when it is widely expected to start cutting interest rates.a normal quarter-point rate cut, or opt for a larger move as inflation retreats and the United States ’ remarkably resilient economy loses steam.” TSX futures were in modestly positive territory as crude prices rose.
In Asia, Japan’s Nikkei was closed for a holiday, while Hong Kong’s Hang Seng closed 0.31 per cent higher.Oil prices rose amid expectations of a U.S. interest rate cut this week, though gains were capped by persistent demand worries and weaker China data. In other commodities, spot gold rose 0.2 per cent to US$2,580.83 an ounce, and U.S. gold futures edged 0.1 per cent lower to US$2,608.90.The day range on the loonie was 73.52 US cents to 73.71 US cents in the early premarket period. The Canadian dollar was up about 0.42 per cent against the greenback over the past month.
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