Equities
Global stocks were mixed as investors considered an appeals court decision to keep President Donald Trump’s tariffs in effect, a day after markets rallied on a ruling to block most of them.
Wall Street futures were in the red after U.S. markets closed higher yesterday.
TSX futures edged higher after Canada’s main stock market closed down yesterday.
In Canada, investors are getting results from Laurentian Bank of Canada and Canopy Growth Corp.
“Trump’s trade agenda remains alive and kicking, with the legal battle adding yet another layer of uncertainty,” said Rodrigo Catril, senior FX strategist at National Australia Bank.
“The only thing that looks more certain is more uncertainty,” which will lead to additional delays in investment decisions and hiring, he said.
Plot twist: World market themes for the week ahead
Overseas, the pan-European STOXX 600 was up 0.54 per cent in morning trading. Britain’s FTSE 100 rose 0.71 per cent, Germany’s DAX gained 0.89 per cent and France’s CAC 40 advanced 0.24 per cent.
In Asia, Japan’s Nikkei closed 1.22 per cent lower, while Hong Kong’s Hang Seng slid 1.2 per cent.
Commodities
Oil prices were stable but on track for a second consecutive weekly decline, pressured by expectations of another OPEC+ output hike and uncertainty about U.S. tariffs after the latest legal twist kept them in place.
Brent crude futures contract gained 0.36 per cent to US$64.38 a barrel. West Texas Intermediate (WTI) crude rose 0.53 per cent to US$61.26 a barrel.
“The stage is set for another bumper production increase,” Westpac’s head of commodity and carbon research, Robert Rennie, said in a note, potentially more than the 411,000 barrels-per-day hike decided on at the previous two meetings.
In other commodities, spot gold dropped 0.7 per cent at US$3,292.28 an ounce, with bullion down 1.9 per cent so far this week. U.S. gold futures fell 0.8 per cent to US$3,290.30.
Currencies and bonds
The Canadian dollar was little changed against its U.S. counterpart.
The day range on the loonie was 72.29 US cents to 72.46 US cents in early trading. The Canadian dollar was up 0.1 per cent against the greenback over the past month.
The U.S. dollar index, which weighs the greenback against a group of currencies, rose 0.3 per cent to 99.57.
The euro declined 0.31 per cent to US$1.1334. The British pound gave back 0.1 per cent to US$1.3478.
In bonds, the yield on the U.S. 10-year note was last up at 4.426 per cent.
Economic news
China PMI
Japan CPI, industrial profits and retail sales
(8:30 a.m. ET) Canada’s Real GDP for Q1. Estimate is a rise of 1.5 per cent (compared to a 2.6-per-cent gain a year ago).
(8:30 a.m. ET) Canada’s monthly Real GDP for March. Estimate is an increase of 0.1 per cent (versus a decline of 0.2 per cent in the previous month).
(8:30 a.m. ET) U.S. personal income and consumption for April. The Street is projecting month-over-month gains of 0.3 per cent and 0.2 per cent, respectively.
(8:30 a.m. ET) U.S. retail and wholesale inventories for April.
(9:45 a.m. ET) U.S. Chicago PMI for May.
(10 a.m. ET) U.S. University of Michigan Consumer Sentiment Index for May.
With Reuters and The Canadian Press