A look at Monday morning’s market action
In the early premarket period, Dow, S&P and Nasdaq futures all hovered around break even. All three rallied on Friday on a positive U.S. jobs report, with the Nasdaq and S&P each adding more than 1 per cent for the week. Canada’s S&P/TSX Composite Index jumped 1.79 per cent on Friday but still finished the week down more than 1 per cent..
“The probability of a no hike in June rose to 75 per cent [after the latest U.S. jobs numbers], but activity on Fed funds futures still price in more than 50-per-cent chance for a July action, if inflation remains sticky and economic data strong enough,” Swissquote senior analyst Ipek Ozkardeskaya said.Overseas, the pan-European STOXX 600 rose 0.10 per cent. Britain’s FTSE 100 added 0.57 per cent. Germany’s DAX gained 0.04 per cent. France’s CAC 40 was flat.
“At the same time, the extra Saudi cut is bullish in terms of fundamentals but very much depends on whether the cut lasts 1-6 months and whether the strength in physical market returns is critical.” The day range on the loonie was 74.38 US cents to 74.53 US cents in the early premarket period. The Canadian dollar has gained more than 1 per cent against the greenback over the last five days.
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