Equities
Global markets were mixed as investors searched for direction at the end of a holiday-shortened trading week.
Wall Street’s main indexes opened higher, as markets kept a close eye on upcoming economic data and geared up for potential policy shifts under the incoming Trump administration.
The Dow Jones Industrial Average rose 0.24 per cent to 42,495.76, the S&P 500 gained 0.38 per cent to 5,891.07, and the Nasdaq Composite advanced 0.59 per cent to 19,395.511 at the bell.
The Toronto Stock Exchange’s S&P/TSX Composite saw a 0.5-per-cent lift at the open to 25,032.09, boosted by technology and energy stocks.
“It’s been a tough period for equities around the turn of the year, but strange things can happen in illiquid markets,” said Ben Bennett, Asia-Pacific investment strategist at Legal and General Investment Management.
And we’re off: World market themes for the week ahead
Overseas, the pan-European STOXX 600 was down 0.44 per cent in morning trading. Britain’s FTSE 100 slipped 0.03 per cent, Germany’s DAX declined 0.66 per cent and France’s CAC 40 fell 1.25 per cent.
In Asia, Japan’s Nikkei remained on a holiday break, while Hong Kong’s Hang Seng closed 0.7 per cent higher.
Commodities
Oil prices held steady, remaining poised for weekly gains after closing at their highest in more than two months yesterday, underpinned by potential further economic stimulus in China and lower U.S. interest rates.
Brent crude futures were down 9 US cents at US$75.84 a barrel after settling at the highest level since Oct. 25 yesterday. U.S. West Texas Intermediate crude dipped by 6 US cents to US$73.07.
“As China’s economic trajectory is poised to play a pivotal role in 2025, hopes are pinned on government stimulus measures to drive increased consumption and bolster oil demand growth in the months ahead,” said StoneX analyst Alex Hodes.
In other commodities, spot gold was little changed at US$2,657.18 an ounce, hitting its highest level since Dec. 13. U.S. gold futures were steady at US$2,671.20.
Currencies and bonds
The Canadian dollar weakened against its U.S. counterpart.
The day range on the loonie was 69.34 US cents to 69.53 US cents in early trading. The Canadian dollar was down about 1.7 per cent against the greenback over the past month.
The U.S. dollar index, which weighs the greenback against a group of currencies, slid 0.35 per cent to 109.01.
The euro rose 0.23 per cent to US$1.0291. The British pound gained 0.12 per cent to US$1.2398.
In bonds, the yield on the U.S. 10-year note was last down at 4.546 per cent.
Corporate news
U.S. President Joe Biden has followed through on his pledge to block Nippon Steel’s $14.9 billion bid for U.S. Steel, citing concerns the deal could hurt national security.
Economic news
Germany’s employment, which showed the number of people out of work rose less than expected in December.
(10 a.m. ET) U.S. ISM manufacturing PMI for December.
With Reuters and The Canadian Press