A look at Tuesday morning’s market action
Wall Street futures fell early Tuesday with a earnings remaining in focus ahead of tomorrow’s Federal Reserve rate decision. Major European markets were down.In the early premarket period, futures linked to the key U.S. indexes were all in the red. All three saw weaker finishes on Monday but are on track for solid gains heading for the month. The S&P 500 is up more than 4 per cent for the month so far while the Nasdaq has gained more than 8 per cent.
On the economic side, Canadian investors will get a reading on November gross domestic product from Statistics Canada before the start of trading. Overseas, the pan-European STOXX 600 was down 0.62 per cent in morning trading. Britain’s FTSE 100 slid 0.63 per cent. Germany’s DAX and France’s CAC 40 were off 0.60 per cent and 0.50 per cent, respectively. New figures released Tuesday showed GDP in the euro zone expanded by 0.1 per cent in the fourth quarter. Markets had been expecting a contraction of 0.1 per cent.Commodities
“Oil prices remain soggy despite Asia’s unquenching thirst for all things oil,” Stephen Innes, managing partner with SPI Asset Management, said in a note.Reuters reports that Russia’s oil loadings from its Ust-Luga port are expected to rise at the beginning of February, despite western sanctions imposed over its invasion of Ukraine.
“Gold could enter the ‘danger zone’ if we get a couple more hotter-than-expected inflation reports and a robust [U.S. non-farm payrolls] report that suggests wage pressures will be here for a while.”The Canadian dollar was down while its U.S. counterpart advanced against a group of currencies but still looked set for its fourth monthly decline in a row.Canadian investors get November GDP figures before the start of trading.
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