Global markets are reacting to a week filled with economic data that could influence future interest rate decisions. Investors are closely watching the upcoming US jobs report for clues about the Federal Reserve's next move.
Global markets were mixed as investors struggled for direction in a data-packed week that could signal the path forward for interest rates. Wall Street futures were little changed after a mixed close yesterday, with the Nasdaq boosted by a rally in semiconductor stocks. TSX futures were flat after Canada’s main stock market closed lower yesterday as investors weighed the potential shift in political power following Prime Minister Justin Trudeau’s announcement. The U.S.
will be releasing its latest jobs figures starting from today, and the numbers will matter for the Fed expectations, Ipek Ozkardeskaya, senior analyst at Swissquote Bank, wrote in a note. The potentially excessive Fed cuts of last year now fuel the expectation that the Fed will pause for a few months. Activity on Fed funds futures suggests that the next Fed cut will not arrive before May. A sufficiently soft figures this week could scale back a part of that hawkishness. Overseas, the pan-European STOXX 600 was up 0.06 per cent in morning trading. Britain’s FTSE 100 gave back 0.2 per cent, Germany’s DAX rose 0.06 per cent and France’s CAC 40 advanced 0.18 per cent. Commodities Oil prices fell slightly as optimism over demand faded, although tighter Russian and Iranian supply driven by expanding Western sanctions checked losses. Brent futures edged down 0.33 per cent to US$76.05 a barrel, while West Texas Intermediate (WTI) crude futures declined 0.6 per cent to US$73.12. This week’s weakness is likely due to a technical correction, as traders react to softer economic data globally that undermines the optimism seen earlier, said Priyanka Sachdeva, senior market analyst at Phillip Nova, referring to bearish economic news from the U.S. and Germany. In other commodities, spot gold was up 0.1 per cent at US$2,638.09 an ounce. U.S. gold futures rose 0.1 per cent to US$2,650. The day range on the loonie was 69.66 US cents to 69.92 US cents in early trading
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