Equities
Global markets rebounded, lifted by a surge in the price of oil and precious metals that cushioned a hit from earnings-related jitters.
Wall Street looked set for a choppy open as investors waded through mega-cap tech results that showcased another surge in AI spending.
TSX futures pointed higher as commodity prices climbed.
In Canada, investors are getting results from Brookfield Infrastructure Partners LP and Rogers Communications Inc.
Rogers has posted positive 2026 guidance and increases to its revenue and net income in its fourth quarter, boosted by strong media earnings as the company looks to capitalize on its sports assets in the coming year, Irene Galea reports.
On Wall Street, markets are watching earnings from Apple Inc., Visa Inc., Mastercard Inc., Caterpillar Inc., Lockheed Martin Corp., Blackstone Inc. and Comcast Corp.
U.S. Big Tech results are being parsed for clues on the AI trajectory, while European earnings are in focus for signs that corporate financial health can hold up even at a time of heightened trade uncertainty.
“A lot of it is about the guidance for the future and concerns about whether we can see the same pace of growth going forward,” said Marija Veitmane, head of equity research at State Street.
Meta, Microsoft and Tesla kicked off earnings season for the so-called Magnificent Seven tech stocks on Wednesday, and it was the Facebook parent company that most impressed investors.
Reuters
Overseas, the pan-European STOXX 600 was up 0.74 per cent in morning trading. Britain’s FTSE 100 gained 1 per cent, Germany’s DAX dropped 1.05 per cent and France’s CAC 40 advanced 0.92 per cent.
In Asia, Japan’s Nikkei closed 0.03 per cent higher, while Hong Kong’s Hang Seng rose 0.51 per cent.
Commodities
Brent oil futures prices jumped, hitting a four-month high on rising concerns about a possible U.S. military attack on Iran, OPEC’s fourth-largest producer with output of 3.2 million barrels per day.
Brent rose 2.4 per cent to US$70.05 a barrel. West Texas Intermediate (WTI) crude climbed 2.5 per cent to US$64.80 a barrel.
“The immediate (market) concern ... is the collateral damage done if Iran takes a swing at its neighbours or possibly even more tellingly, it closes the Strait of Hormuz to the 20 million barrels per day of oil that navigates it,” said PVM analyst John Evans.
In other commodities, spot gold rose 2.1 per cent to US$5,513.09 an ounce after hitting a record US$5,594.82 earlier in the day. U.S. gold futures for February delivery jumped 3.8 per cent to US$5,506.30 after hitting an all-time high of US$5,626.80 earlier.
Copper prices hit a record high of more than US$14,000 a metric ton as speculators extended their buying spree, encouraged by expectations of strong demand and supported by a weak U.S. dollar and geopolitical concerns.
Currencies and bonds
The Canadian dollar strengthened against its U.S. counterpart.
The day range on the loonie was 73.64 US cents to 74.03 US cents in early trading. The Canadian dollar was up about 1.29 per cent against the greenback over the past month.
The U.S. dollar index, which weighs the greenback against a group of currencies, slid 0.13 per cent to 96.32.
The euro edged up 0.02 per cent to US$1.1957. The British pound was little changed at US$1.3807.
In bonds, the yield on the U.S. 10-year note was last up at 4.263 per cent.
Economic news
Japan’s jobless rate and retail sales
8:30 a.m. ET: Canada’s merchandise trade balance for November.
8:30 a.m. ET: Canada’s Survey of Employment, Payrolls and Hours for November.
8:30 a.m. ET: U.S. initial jobless claims for week of Jan. 24.
8:30 a.m. ET: U.S. goods and services trade balance for November.
8:30 a.m. ET: U.S. productivity for Q3. The consensus is a PPI increase of 0.3 per cent from the previous quarter.
10 a.m. ET: U.S. factory orders for November.
10 a.m. ET: U.S. wholesale trade for November.
With Reuters and The Canadian Press