A look at Wednesday morning’s market action
Global markets showed marginal gains ahead of U.S. consumer price data that could potentially shift the monetary policy outlook, while investors waited to see if earnings of big banks would match sky-high expectations. TSX futures followed sentiment higher, buoyed by climbing crude prices.
“A hawkish print could see the 10Y yield make a run at 5 per cent, increasing volatility across all asset classes, and continuing to pressure equities.” Brent crude futures rose0.6 per cent to US$80.43 a barrel after dropping 1.4 per cent in the previous session. West Texas Intermediate crude climbed 0.8 per cent to US$78.14 a barrel after a 1.6-per-cent decline.
In other commodities, spot gold gained 0.2 per cent to US$2,683.62 an ounce. U.S. gold futures advanced 0.7 per cent to US$2,701.80.The day range on the loonie was 69.61 US cents to 69.78 US cents in early trading. The Canadian dollar was up about 0.7 per cent against the greenback over the past month.
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