A look at Monday morning’s market action
Wall Street futures edged higher early Monday after First Citizens agreed to buy much of failed Silicon Valley Bank. Major European markets were positive.In the early premarket period, futures linked to the Dow, S&P and Nasdaq were all above water. All three are coming off a winning week. Canada’sOvernight, First Citizens saidSilicon Valley Bank’s deposits and loans along with certain other assets from the U.S. Federal Deposit Insurance Corporation.
“Climate policy, and more specifically, Canada’s response to the massive U.S. Inflation Reduction Act, will headline the budget,” Alvin Tan, Asia FX strategist with RBC, said. Overseas, the pan-European STOXX 600 was up 0.95 per cent. Britain’s FTSE 100 advanced 0.55 per cent. Germany’s DAX and France’s CAC 40 were up 0.93 per cent and 0.82 per cent, respectively.CommoditiesThe day range on Brent was US$74.80 to US$75.96 in the early premarket period. The range on West Texas Intermediate was US$69.13 to US$70.24.
In other commodities, gold prices fell for a second session as the U.S. dollar held relatively steady.
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