A look at Wednesday morning’s market action
in Congress on the U.S. debt deal. Major European markets were in the red. TSX futures were lower with a reading on the health of the broader economy due this morning.
“It won’t take a lot to disrupt this debt deal, but optimism remains that Congress won’t mess with putting the economy at risk of an unnecessary catastrophe,” OANDA senior analyst Ed Moya said. “We expect [the first quarter] GDP report to show a strong start to 2023 — with real output up 2.5 per cent on an annualized basis,” RBC chief currency strategist Adam Cole said.
Overseas, the pan-European STOXX 600 was down 0.18 per cent in morning trading. Britain’s FTSE 100 lost 0.20 per cent. Germany’s DAX and France’s CAC 40 fell 0.28 per cent and 0.42 per cent. “Oil prices year-to-date continue to revolve around macro concerns and recessionary fears,” Stephen Innes, managing partner with SPI Asset Management, said in a note.
Spot gold held steady at US$1,960.79 per ounce by early Wednesday morning and was down more than 1 per cent for the month.The Canadian dollar was lower, hit by weaker risk sentiment in broader markets and sagging crude prices, while its U.S. counterpart hit its best level since mid-March against a group of world currencies.
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