A look at the morning’s market action
Wall Street futures were negative early Monday as traders head into a holiday-shortened week. Major European markets were mostly down in morning trading. TSX futures were also weaker.
In Canada, investors will get retail sales figures for September on Tuesday morning. Last week, Statistics Canada reported that the annual rate of inflation in Canada held steady at 6.9 per cent in October.“Retail sales have remained very strong and most of the expected September decline may have been from lower gasoline prices rather than a drop in the volume of purchases,” Alvin Tan, Asia FX strategist with RBC, said.
Crude prices were trading near two-month lows as concerns about demand in China amid rising COVID-19 cases continues to weigh on sentiment. “The prospect of more restrictions and therefore lower demand in China has weighed on crude prices recently,” OANDA’s Craig Erlam said in an early note.
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