A look at Friday morning’s market action
Global markets were mixed as investors awaited U.S. payrolls numbers to see whether they challenged or cemented expectations of a Federal Reserve interest-rate cut this month TSX futures inched lower after the market closed at a fresh high yesterday and ahead of domestic employment figures.
“If the data shows any surprise strength, [Fed chair Jerome} Powell’s mostly ignored remarks about a ‘remarkably strong U.S, economy and decreased risks in jobs market’ will come back to the headlines and could spoil the mood among Fed doves,” Ipek Ozkardeskaya, senior analyst at Swissquote Bank, wrote in a note.
In Asia, Japan’s Nikkei closed 0.77 per cent lower, while Hong Kong’s Hang Seng advanced 1.56 per cent.Oil prices dipped, with weak demand in focus after the OPEC+ group postponed planned supply increases and extended deep output cuts to the end of 2026. “The outcome of the latest meeting of OPEC+ members surprised us positively ... The extension of the production cuts shows the group remains united and is still targeting to keep the oil market in balance,” UBS analyst Giovanni Staunovo said.
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