Equities
Global stocks were muted as traders cautiously awaited key inflation data, the beginning of France’s electoral vote and the first U.S. presidential debate.
Two of Wall Street’s main stock indexes were flat in early trading. The Dow Jones Industrial Average was up 0.03 per cent at 39,140.52 and the S&P 500 was up 0.07 per cent at 5,481.48. The Nasdaq Composite rose 0.22 per cent to 17,844.21.
The S&P/TSX Composite Index opened up 0.17 per cent at 21,830.88, led by gains in energy shares tracking higher oil prices.
U.S. markets are watching earnings from athletic apparel company Nike Inc. and pharmacy owner Walgreens Boots Alliance Inc., along with a slew of economic data.
Fresh data from the U.S. Federal Reserve’s preferred inflation measure expected on Friday could help traders determine the outlook for the central bank’s interest rate moves. France, Italy and Spain are also due to release inflation data on Friday.
“No one’s really going to be wanting to take any large positions ahead of tomorrow’s inflation data,” said Fiona Cincotta, senior markets analyst at City Index.
“In Europe you’ve got the political uncertainty which is also limiting any upside ahead of the French elections,” she added.
Overseas, the pan-European STOXX 600 lost 0.078 per cent. Britain’s FTSE 100 was down slightly to 0.093 per cent and France’s CAC 40 declined 0.51 per cent. Germany’s DAX increased by 0.41 per cent.
In Asia, Japan’s Nikkei closed down 0.82 per cent, while Hong Kong’s Hang Seng declined 2.06 per cent.
Commodities
Oil prices edged higher, as Brent crude oil futures gained 0.82 per cent to US$85.95 a barrel and West Texas Intermediate crude futures rose 0.7 per cent to US$81.47.
Supply disruption risks from rising geopolitical tensions in the Middle East helped to counter demand fears after a surprise build in U.S. stockpiles on Wednesday.
“The market is in a tug-of-war situation, underpinned by the prospect that an escalation in the battle between Israel and Hezbollah may hinder supply,” said Tsuyoshi Ueno, senior economist at NLI Research Institute.
In other commodities, spot gold was up 0.7 per cent at US$2,314.22 per ounce.
Currencies and bonds
The Canadian dollar gained on its U.S. counterpart.
The day range on the loonie was 72.92 US cents to 73.12 US cents. The Canadian dollar was down about 0.07 per cent against the greenback over the past month.
The U.S. dollar index, which weighs the greenback against a group of currencies, was down 0.25 per cent to 105.79.
The euro gained 0.34 per cent to US$1.0717. The British pound was up 0.29 per cent to US$1.2657.
In bonds, the yield on the U.S. 10-year note was down at 4.286 per cent.
Markets were also on alert for signs of Japanese authorities intervening in the yen after further declines in the currency.
Economic news
China industrial profits and current account surplus
Japan retail sales
Euro zone private sector credit and economic confidence
(8:30 a.m. ET) Canada’s payroll survey: job vacancy rate for April.
(8:30 a.m. ET) U.S. initial jobless claims for week of June 22.
(8:30 a.m. ET) U.S. GDP for Q1.
(8:30 a.m. ET) U.S. goods trade deficit for May.
(8:30 a.m. ET) U.S. wholesale and retail inventories for May.
(8:30 a.m. ET) U.S. durable and core orders for May.
(10 a.m. ET) U.S. pending home sales for May.
With Reuters and The Canadian Press