Markets saw some relief overnight after the U.S. House of Representatives passed the bill to suspend the U.S. debt ceiling and avert an historic default. What else investors need to know today:
Wall Street futures were mostly higher early Thursday as attention shifts back to the Federal Reserve’s path ahead on interest rates after theU.S. futures saw modest gains in the early premarket period. On Wednesday, all three saw a negative day and a mixed month in May. Last month, the Nasdaq jumped more than 5 per cent while the S&P edged up 0.3 per cent. The Dow, however, fell more than 3 per cent for the month. In Canada, thefinished yesterday’s session down 0.85 per cent and posted a 5.
Traders are now shifting their attention back to the Fed and what it will do at this month’s policy meeting. On Wednesday, Fed Governor Philip Jefferson said that skipping a rate increase at the next meeting would allow central bankers time to assess the need for more policy firming, offering markets some optimism that a pause could be in store.
Overseas, the pan-European STOXX 600 was up 0.95 per cent in morning trading. Britain’s FTSE 100 gained 0.66 per cent. Germany’s DAX and France’s CAC 40 were up 1.22 per cent and 0.97 per cent, respectively. New figures released early Thursday showed theIn Asia, Japan’s Nikkei closed up 0.84 per cent. Hong Kong’s Hang Seng slid 0.10 per cent.Crude prices were steady in early trading, buoyed by renewed speculation that the U.S.
“And interday plays will continue to get dominated by fresh macroeconomic demand indicators, which remain the primary driver of speculative demand for oil.” Meanwhile, the first of two weekly U.S. inventory reports showed a rise in crude stocks. Data from the American Petroleum Institute, released yesterday, showed crude inventories rose 5.2 million barrels last week. More official U.S. government figures are due shortly after the start of trading on Thursday.
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