What investors need to know today: ▪️ Wall Street futures fell early with familiar themes of banking concerns and rate hikes dominating. ▪️ Major European markets were weaker with bank stocks under pressure. ▪️ TSX futures were in the red.
Wall Street futures fell early Friday with familiar themes of banking concerns and rate hikes dominating. Major European markets were weaker with bank stocks under pressure.Futures tied to the Dow, S&P and Nasdaq all saw early losses with Dow futures shedding more than 200 points at one stage. All three managed to finish higher on Thursday after a choppy session and are positive for the week so far. Canada’slost 0.37 per cent yesterday but was up 0.
Markets drew some support on Thursday from comments by U.S. Treasury Secretary Janet Yellen who said the United States has more tools available to battle contagion in the banking sector if necessary. Overseas, the pan-European STOXX 600 was down 0.95 per cent in morning trading with bank stocks sliding. Britain’s FTSE 100 lost 1.23 per cent. Germany’s DAX and France’s CAC 40 slid 1.28 per cent and 1.24 per cent, respectively.CommoditiesThe day range on Brent was US$74.60 to US$76.32 in the predawn period. The range on West Texas Intermediate was US$68.63 to US$70.38.
“The key takeaway from the FOMC meeting for energy traders is that the Fed is probably going to send this economy into a recession. China’s reopening story remains subdued and that is keeping oil grounded around the low US$70s.” In other commodities, spot gold was down 0.4 per cent at US$1,986.40 per ounce early Friday morning, after two strongly positive sessions. U.S. gold futures also fell 0.4 per cent to US$1,988.90. Gold topped US$2,000 an ounce earlier this week, hitting its best level in more than a year, on safe-haven demand.
“The CAD is a moderate out-performer on the session, gaining a little ground against the EUR, GBP and AUD among the majors but it really can’t hold a bid against the USD,” Shaun Osborne, chief FX strategist with Scotiabank, said.
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