A look at Friday morning’s market action
Dow, S&P and Nasdaq futures were all up in the early premarket period. The Nasdaq finished yesterday’s session up 0.11 per cent while the Dow and S&P 500 saw losses. All three saw monthly declines in August. Canada’sCanadian investors will get a reading on June and second-quarter GDP ahead of the start of trading, with economists forecasting a sharp slowdown in economic growth. Statistics Canada will also offer an early glimpse of growth at the start of the third quarter.
In the U.S., markets will get U.S. non-farm payrolls figures for August before the start of trading. That report is also being closely watched for hints about what the Fed is likely to do in the months ahead. Markets are expecting the central bank to hold rates at its meeting later this month but are divided on whether there will be another hike before the end of the year.
“At the very least it could go some way to signalling a pause as the US central bank looks to assess the effects recent rate hikes are having on the U.S. economy.” The day range on Brent was US$86.74 to US$87.34 in the early premarket period. The range on West Texas Intermediate was US$83.46 to US$84.15. WTI is up about 5 per cent for the week so far, while Brent has gained about 3 per cent.
That move would add to cuts by the OPEC+ group. As well, Reuters reports that Russia, the world’s second largest oil exporter, has also agreed with OPEC+ partners to cut oil exports, Deputy Prime Minister Alexander Novak said on Thursday.
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