A look at Monday morning’s market action
Wall Street futures rose early Monday after the U.S. averted a government shutdown over the weekend. Major European markets were positive.Dow, S&P and Nasdaq futures were all higher ahead of the North American open as investors head into the first trading day of the month. All three saw sharp losses in September with the S&P and Nasdaq seeing their worst month of the year. Canada’sSentiment on Monday was helped by weekend news that anto fund the U.S. government through to Nov.
In Canada, the week’s key economic release comes on Friday, with the release of employment figures for September. U.S. jobs numbers will also be released on Friday morning. Mr. Tan says RBC’s economists are expecting to see an above-consensus gain for the month of about 177,000 new jobs. He noted that the latest data is unlikely to reflect the impact of the UAW targetted strikes by auto workers based on the timing of the disruption.
Both benchmarks saw losses on Friday but saw prices rally roughly 30 per cent in the third-quarter of the year, helped by moves by OPEC+ members Russia and Saudi Arabia to extend voluntary production curbs through to the end of the year.“No changes are expected to the outlook policy, the rising demand and falling supply continue to support higher oil prices,” Swissquote senior analyst Ipek Ozkardeskaya said in an early note.
The day range on the loonie was 73.52 US cents to 73.74 US cents ahead of the North American opening bell. The Canadian dollar slid more than 1 per cent against the greenback over the last five days and has lost more than 2 per cent in the third quarter.
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