A look at Monday morning’s market action
Wall Street futures edged lower after major North American markets closed higher on FridayIn Canada, investors are getting results from Barrick Mining Corp., Ovintiv Inc., Chemtrade Logistics Income Fund, Cronos Group Inc., CT REIT, Minto Apartment REIT and Trican Well Service Ltd.“The conflict in the Middle East is now entering its 11th week,” noted Bruce Kasman, global head of economics at JPMorgan.
“Energy prices have surged but remain at levels that are headwinds rather than expansion-ending obstacles. ” Overseas, the pan-European STOXX 600 was down 0.14 per cent in morning trading. Britain’s FTSE 100 rose 0.17 per cent, Germany’s DAX slid 0.13 per cent and France’s CAC 40 retreated 0.91 per cent. In Asia, Japan’s Nikkei closed 0.47 per cent lower, while Hong Kong’s Hang Seng edged up 0.05 per cent.
Oil prices rallied a day after President Donald Trump said Iran’s response to a U.S. peace proposalraising supply fears as the Strait of Hormuz stayed largely closed, which kept the global market tight. Brent crude futures climbed 2.6 per ce to $104 a barrel. West Texas Intermediate gained 2.17 per cent to $97.49 a barrel.
“The oil market continues to trade like a geopolitical headline machine, with prices swinging sharply based on every comment, rejection, or warning coming from Washington and Tehran,” said Priyanka Sachdeva, senior market analyst at Phillip Nova. In other commodities, spot gold fell 0.8 per cent to US$4,676.02 an ounce. U.S. gold futures for June delivery lost 1 per cent to trade at US$4,684.50. The day range on the loonie was 73.01 US cents to 73.18 US cents in early trading.
The Canadian dollar was up about 0.92 per cent against the greenback over the past month. The U.S. dollar index, which weighs the greenback against a group of currencies, climbed 0.07 per cent to 97.97. The dollar was pegged at $1.3668. In bonds, the yield on the U.S. 10-year note was last up at 4.389 per cent.10 a.m. ET: U.S. existing home sales for April.
The Street expects an annualized rate increase of 1.8 per cent. With Reuters and The Canadian Press
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