Stocks advanced and U.S. equity futures inched higher ahead of commentary due later from Federal Reserve Chair Jerome Powell that may shape views on the central bank's rate path.
Energy shares led gains in Europe after oil major BP Plc boosted shareholder returns and reported record profit. Futures on the S&P 500 and Nasdaq 100 contracts were modestly higher, while those on the Dow were flat. Pinterest Inc. fell in premarket trading after posting weaker-than-forecast revenue.
The dollar steadied after weakening against all members of the Group of 10 earlier, while Treasuries clawed back some of the two-day rout that was sparked by traders ramping up bets on future Fed tightening. The recent moves have taken the shine off the best start to a year for cross-asset returns since 1987.
“I expect that Powell will drive home that point that they've done a lot and there'll be a tightening that is going to impact the economy later on this year,” Jack McIntyre, a portfolio manager at Brandywine Global Investment Management LLC, said on Bloomberg Television. The Adani group's stocks climbed, pausing a rout that exceeded US$100 billion, as the conglomerate's founders prepaid some debt and traders covered short positions.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canadian dollar hits six-day low as Federal Reserve tightening risk clips sentimentLoonie at 74.32 U.S. cents
Read more »
Oil extends rebound as Saudi Arabia bets on more demand in Asia - BNN BloombergOil rallied as Saudi Arabia signaled confidence in the demand outlook with a surprise boost in crude prices, while investors awaited comments on monetary policy from Federal Reserve Chair Jerome Powell.
Read more »
U.S. stocks, futures fall on Fed outlook; dollar rises - BNN BloombergEuropean stocks and U.S. equity futures slumped as an unexpectedly strong U.S. jobs report raised the prospect of more rate hikes from the Federal Reserve.
Read more »
Premarket: Sell-off fizzles out ahead of Fed, ECB and BoE speechesFed chair Jerome Powell is scheduled to speak around midday on Tuesday
Read more »
Signs of market strength cheer U.S. stocks bullsSteady improvements in gauges of momentum and sentiment reinforce the view among some investors that asset prices may be heading for a more benign period
Read more »
Stocks and ETFs to consider this RRSP seasonThree portfolio managers give their top picks for allocating to client portfolios
Read more »