Equities
Global markets were mostly higher, with Asian shares getting a boost as China reported encouraging manufacturing data.
Wall Street’s main indexes opened flat-to-higher, with focus on a slate of economic data this week, while Intel shares rose after its CEO retired following its struggles to keep up in the market for AI chips.
The Dow Jones Industrial Average rose 0.03 per cent to 4,4925.86, the S&P 500 gained 0.13 per cent to 6,040.11, and the Nasdaq Composite advanced 0.19 per cent to 19,255.425 at the bell.
The Toronto Stock Exchange’s S&P/TSX composite index opened 0.21 per cent higher at 25,701.70, lifted by energy stocks.
“Asia’s markets are riding a wave of optimism, catching a significant tailwind from Wall Street’s record-setting day on Friday and buoyed further by emerging signs that China’s economic funk might be easing,” Stephen Innes of SPI Asset Management said in a commentary.
Overseas, the pan-European STOXX 600 was up 0.71 per cent in morning trading. Britain’s FTSE 100 rose 0.47 per cent, Germany’s DAX gained 1.36 per cent and France’s CAC 40 advanced 0.34 per cent.
In Asia, Japan’s Nikkei closed 0.8 per cent higher, while Hong Kong’s Hang Seng gained 0.65 per cent.
Commodities
Oil prices were on the rise, supported by strong factory activity in China, the world’s second-largest oil consumer, and heightened tensions in the Middle East as Israel resumed attacks on Lebanon despite a ceasefire agreement.
Brent crude futures climbed 1.27 per cent to US$72.75 a barrel, while West Texas Intermediate (WTI) crude was at US$68.97 a barrel, up 1.43 per cent.
“The better-than-expected economic data from China is supporting crude prices, as so far oil prices were suffering from Chinese demand concerns,” said Giovanni Staunovo, an analyst with UBS.
Spot gold was down 0.7 per cent to US$2,635.65 an ounce. U.S. gold futures fell 0.8 per cent to US$2,658.60.
Currencies and bonds
The Canadian dollar weakened against its U.S. counterpart.
The day range on the loonie was 71.17 US cents to 71.50 US cents in early trading. The Canadian dollar was down about 0.9 per cent against the greenback over the past month.
The U.S. dollar index, which weighs the greenback against a group of currencies, advanced 0.61 per cent to 106.39.
The euro slid 0.75 per cent to US$1.0501. The British pound lost 0.49 per cent to US$1.2675.
In bonds, the yield on the U.S. 10-year note was last up at 4.233 per cent.
Economic news
China PMI. China’s factory activity expanded at the fastest pace in five months in November as new orders, including those from abroad, led to a solid rise in production.
Japan capital spending and manufacturing PMI. Japan’s factory activity shrank at the fastest pace in eight months in November as soft demand prompted firms to trim production.
Euro zone jobless rate and manufacturing PMI. Manufacturing activity fell sharply last month and a further decline in demand likely dashed any hopes for an imminent recovery after the sector had showed some signs of stabilization in October.
(9:30 a.m. ET) Canada’s S&P Global Manufacturing PMI for November.
(9:45 a.m. ET) U.S. S&P Global Manufacturing PMI for November.
(10 a.m. ET) U.S. ISM Manufacturing PMI for November.
(10 a.m. ET) U.S. construction spending for October. The Street is forecasting a rise of 0.2 per cent from September.
Also: Canadian and U.S. auto sales for November.
With Reuters and The Canadian Press