This morning, Wall Street futures were higher in early trading after seeing losses last week. Major European markets were up. TSX futures posted modest gains with more bank earnings on the horizon later in the week. What investors need to know today:
Wall Street futures were higher in early trading Monday after seeing sharp losses last week. Major European markets were up.In the early premarket period, futures linked to the Dow, S&P and Nasdaq were all above break even. All three saw their worst weekly decline of the year last week, with the Dow and Nasdaq falling more than 3 per cent. Themanaged a slim gain of 0.15 per cent on Friday but still saw a decline of nearly 1.9 per cent over the last five sessions.
“RBC Economics expects the Q4 GDP report to show output rising a modest 1.5 per cent annualized,” Alvin Tan, Asia FX strategist with RBC, said. Overseas, the pan-European STOXX 600 was up 1.13 per cent in morning trading. Britain’s FTSE 100 rose 0.86 per cent. Germany’s DAX and France’s CAC 40 advanced 1.47 per cent and 1.52 per cent.Crude prices were choppy early Monday morning with a strong U.S. dollar and rate concerns weighing on sentiment while news Russia halted exports to Poland via a key pipeline applying upward pressure.
Meanwhile, a strong U.S. dollar put a cap on Monday’s moves. The greenback was sitting near its best level in seven weeks early Monday morning. A higher dollar makes crude prices more expensive for buyers holding other currencies. “Solid gains in European stocks and firmer US equity futures are not providing much lift for the CAD at this point but the positive risk mood should give the CAD some modest support at least,” Shaun Osborne, chief FX strategist with Scotiabank, said.
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