This morning, Wall Street futures were up early with more inflation data due later in the morning. Major European markets were higher. TSX futures were positive.
could stall. However, implied probabilities in swaps markets suggest only a 30-per-cent chance the Bank of Canada will hike interest rates again at its September policy meeting.
On the corporate side, earnings season starts to build with Wall Street getting results today from PepsiCo and Delta Airlines. Big U.S. banks report tomorrow.Overseas, the pan-European STOXX was up 0.46 per cent in morning trading. Britain’s FTSE 100 gained 0.21 per cent. Figures released early Thursday showed GDP in Britain contracted 0.1 per cent in May following growth of 0.2 per cent the month before. Economists had been expecting a bigger 0.3-per-cent decline in May.
“That would be understandable. After all, it’s rallied around 12% in two weeks, primarily on the back of the extension to the Saudi one million barrel cut to the end of August, alongside Russia’s 500,000 barrel export reduction.” In other commodities, spot gold rose 0.3 per cent to US$1,962.11 per ounce by early Thursday morning, hitting its highest since June 16. U.S. gold futures gained 0.2 per cent to US$1,965.80.
The day range on the loonie was 75.78 US cents to 76.04 US cents in the early premarket period. The Canadian dollar touched a two-week high against the U.S. dollar in the wake of yesterday’s BoC rate hike. The loonie has gained 1.6 per cent over the last five days against the greenback.
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