A look at Wednesday morning’s market action
Wall Street futures were positive early Wednesday as uncertainty lingers in the markets over the health of the Chinese economy and the path ahead for interest rates. Major European markets were higher in morning trading.In the early premarket period, Dow, S&P and Nasdaq futures were all higher. On Tuesday, all three put in another choppy session with the Nasdaq managing to close up 0.06 per cent while the Dow and S&P 500 both saw losses.
“The latest U.S. data remains strong, the Fed expectations are hawkish, no one sees Jerome Powell backing off with the Fed’s tightening policy,” Swissquote senior analyst Ipek Ozkardeskaya said in a note. Overseas, the pan-European STOXX 600 was up 0.57 per cent in morning trading. Britain’s FTSE 100 gained 0.66 per cent. Germany’s DAX and France’s CAC 40 advanced 0.42 per cent and 0.43 per cent, respectively.Commodities
“I’m struggling to read too much into this month’s price action, despite the narrative as I’m just not convinced much has fundamentally changed,” OANDA senior analyst Craig Erlam said in a note. “It may come over the next month or so but for now, we just appear to have seen crude move into a higher range between US$80-US$90,” he said.
The day range on the loonie was 73.72 US cents to 73.90 US cents in the early premarket period. The Canadian dollar has slid about 0.20 per cent over the past five days against the greenback.
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