A look at Thursday morning’s market action
Dow, S&P and Nasdaq futures were all above water in the early premarket period. On Wednesday, indexes finished with modest gains, marking a fourth consecutive positive session. Canada’sended yesterday up 0.83 per cent for a fifth session of gains. The index closed at its highest level since Sept. 25.
“Unless there is an unlikely blowout top in the CPI crore reading, the recent evolution of policymakers’ rhetoric and the substantial repricing of rates since the last policy meeting have done much of the FOMC heavy lifting, so there is no need to hike in November, and they are certainly not going to put a lump of coal in investors stockings by hiking in December,” Stephen Innes, managing partner with SPI Asset Management, said.
The day range on Brent was US$85.18 to US$86.92 in the early premarket period. The range on West Texas Intermediate was US$82.78 to US$84.32. Both benchmarks lost about 2 per cent in the previous session. New inventory figures, meanwhile, put a lid on Thursday’s gains. The American Petroleum Institute said late Wednesday that U.S. crude inventories jumped by 12.9 million barrels. Markets had been forecasting a rise of about 500,000 barrels. More official U.S. government data is due later this morning.
In other commodities, gold prices managed their best level in two weeks as the U.S. dollar pulled back ahead of Thursday’s U.S. inflation figures.
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