This morning, Wall Street futures were in a holding pattern early as traders await the U.S. latest reading on inflation. Major European markets saw modest gains. TSX futures were up slightly with a raft of corporate earnings due.
Wall Street futures were in a holding pattern early Tuesday as traders await the latest reading on inflationary pressures in the U.S. economy. Major European markets saw modest gains.In the early premarket period, futures linked to the three key U.S. indexes hovered near break even. On Monday, all three put in a positive showing, gaining more than 1 per cent apiece. Thefigures for January before the start of trading.
Economists are expecting to see the consumer price index rise 0.4 per cent on a monthly basis in January. The annual rate of U.S. inflation is seen ticking lower to 6.2 per cent, from 6.5 per cent a month earlier. Core inflation is seen going down to 5.5 per cent from 5.7 per cent from a month earlier.
Overseas, the pan-European STOXX 600 rose 0.45 per cent. Britain’s FTSE 100 was up 0.47 per cent. Germany’s DAX and France’s CAC 40 advanced 0.26 per cent and 0.47 per cent, respectively. The U.S. Department of Energy said Monday it would sell 26 million barrels of oil from the SPR, a release that would likely push the reserve to its lowest level since 1983, according to a Reuters report. The department had weighed cancelling the sale but such a move would have required action from Congress.
“Most indications point to a global oil market that is likely to tighten and that prices could gain momentum in the coming months,” Stephen Innes, managing partner with SPI Asset Management, said.
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