Equities
Global markets rose in a relief rally after AI chip giant Nvidia released forecast-topping earnings yesterday and as traders assessed delayed U.S. jobs data out this morning.
A U.S Labor Department report showed nonfarm payrolls increased in September by 119,000, compared with an estimate of a 50,000 rise.
Wall Street futures extended their gains on the news: Dow futures were up 0.8 per cent, S&P 500 futures gained 1.41 per cent and Nasdaq futures were 1.88 per cent higher as of 8:40 a.m. ET.
TSX futures also pointed higher.
On Wall Street, markets are watching earnings from Walmart Inc., Intuit Inc. and NetEase Inc.
“It’s fair to say that Nvidia’s results have completely changed the market mood and pushed out any bubble fears for another day,” Deutsche Bank strategist Jim Reid said.
Overseas, the pan-European STOXX 600 was up 0.87 per cent in morning trading. Britain’s FTSE 100 rose 0.75 per cent, Germany’s DAX advanced 1.18 per cent and France’s CAC 40 gained 0.92 per cent.
In Asia, Japan’s Nikkei closed 2.65 per cent higher, while Hong Kong’s Hang Seng climbed 0.02 per cent.
Commodities
Oil prices advanced after falling yesterday as a bigger-than-expected draw in U.S. crude stockpiles offset speculation that a U.S. push to end the Russia-Ukraine war may add barrels to an amply supplied market.
Brent crude futures were up 0.9 per cent to US$64.08 a barrel, while West Texas Intermediate (WTI) crude futures were 0.9 per cent higher at US$59.95.
NG analysts cautioned in a note that Ukraine was unlikely to back the plan as it could see it favouring Russia, but “signs that the U.S. is still trying to work on a deal eases some concerns over further sanctions against Russia and also how strongly current curbs will be enforced.”
In other commodities, spot gold was steady at US$4,074.09 an ounce. U.S. gold futures for December delivery fell 0.2 per cent to US$4,073.70 an ounce.
Currencies and bonds
The Canadian dollar was little changed against its U.S. counterpart.
The day range on the loonie was 71.06 US cents to 71.22 US cents in early trading. The Canadian dollar was down about 0.41 per cent against the greenback over the past month.
The U.S. dollar index, which weighs the greenback against a group of currencies, was down 0.04 per cent to 100.19.
The euro slid 0.07 per cent to US$1.1530. The British pound rose 0.26 per cent to US$1.3093.
In bonds, the yield on the U.S. 10-year note was last down at 4.135 per cent.
Economic news
Euro zone consumer confidence
8:30 a.m. ET: Canadian industrial product and raw materials price indexes for October.
8:30 a.m. ET: The delayed U.S. jobs report for September.
8:30 a.m. ET: U.S. initial jobless claims for week of Nov. 15.
10 a.m. ET: U.S. existing home sales for October.
10 a.m. ET: U.S. quarterly services survey for Q3.
10 a.m. ET: U.S. leading indicator for October.
With Reuters and The Canadian Press