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Global stocks are stabilising amid political turmoil in Europe as investors seek direction from a string of central bank meetings this week and the latest economic data in the United States.
US stocks were expected to follow the calm mood, with S&P 500 futures trading flat while Nasdaq futures rose 0.1% after closing at a record high.
TSX futures were trending lower after closing at a three-month low on Friday, led by losses in financial and energy stocks.
“Any challenge to the region’s fiscal regime by France would be problematic with far-reaching implications,” JPMorgan analysts warned. “At this stage, the situation in the run-up to the first round of voting remains highly fluid.”
Overseas, the pan-European STOXX 600 was flat in morning trading, while Britain’s FTSE 100 was down 0.019%, Germany’s DAX rose 0.18% and France’s CAC 40 rose 0.22%.
In Asia, Japan’s Nikkei stock average fell 1.83% to 38,102.44, while Hong Kong’s Hang Seng index lost 0.032% to close at 17,936.12.
merchandise
Oil prices rose as economic data from China, the world’s biggest oil importer, highlighted a fragile recovery in the country, offsetting hopes of stronger demand from the Northern Hemisphere’s summer driving season.
Brent crude futures rose 0.3% from the previous day to $82.87 per barrel, while West Texas Intermediate (WTI) futures rose 0.29% from the previous day to $78.66 per barrel.
“Last week’s strong rally was buoyed by OPEC+ and the IEA’s forecasts for robust demand in 2024. However, there is some scepticism about OPEC’s forecasts given its vested interests in oil,” said Tony Sycamore, market analyst at IG in Singapore.
Among other commodities, gold fell 0.5% to $2,321.49 an ounce, giving back some of last week’s 1.7% gain. U.S. gold futures fell 0.6% to $2,334.40.
Currencies and Bonds
The Canadian dollar fell against the U.S. dollar, but the U.S. dollar was firm at the open of trading.
The Canadian dollar’s daily range was 72.70 US cents to 72.83 US cents during pre-market hours. The Canadian dollar has depreciated about 0.86% against the US dollar over the past month.
The US Dollar Index, which weights the greenback against several currencies, fell 0.01% to 105.54.
The euro recovered slightly from last week’s losses, rising 0.06% to $1.0711, while the British pound was down 0.1% to $1.2674.
In the bond market, the yield on the 10-year U.S. Treasury note rose slightly to 4.244% ahead of the open of trading in North America.
Economic News
China’s retail sales, industrial production, and fixed asset investment
(8:15 a.m. ET) Canadian housing starts in May, estimated to have risen at a 4.1% annual rate.
(8:30 a.m. ET) Canadian Construction Investment in April.
(8:30 a.m. ET) Canadian International Securities Exchange in April.
(8:30 a.m. ET) U.S. Empire State Manufacturing Survey for June.
(9 a.m. ET) Canadian existing home sales and average prices for May are expected to decline 9.0% and 3.0%, respectively, compared to a year ago.
(9 a.m. ET) Canadian MLS Home Price Index for May, expected to decline 2.5% year-over-year.
Reuters and The Canadian Press