Equities
Global markets turned lower after conflicting reports about a U.S. warship near the Strait of Hormuz heightened investor anxiety over the Middle East conflict.
Wall Street futures were mixed, while TSX futures pointed lower.
In Canada, investors are getting results from TMX Group Ltd., Gibson Energy Inc. and Cargojet Inc.
On Wall Street, markets are watching earnings from Palantir Technologies Inc., Loews Corp. and Tyson Foods Inc.
“This week, earnings will continue to flow, with AMD and Arm Holdings in focus for the semiconductor space,” Ipek Ozkardeskaya, senior analyst at Swissquote, wrote in a note.
“Results are expected to be strong, but whether they beat expectations will be key for the continuation of the rally.”
Overseas, the pan-European STOXX 600 was down 0.39 per cent. Germany’s DAX slipped 0.04 per cent and France’s CAC 40 declined 0.7 per cent. British markets are closed for holiday.
In Asia, markets in Japan and mainland China are also closed for holiday. Hong Kong’s Hang Seng closed 1.24 per cent higher.
Commodities
Oil prices rose as Iran said it had forced a U.S. warship to turn back from entering the Strait of Hormuz, but a U.S. official denied a report that it had been struck by Iranian missiles, according to an Axios journalist.
Brent crude futures were up 1.8 per cent to US$110.10 a barrel. West Texas Intermediate (WTI) crude gained 0. per cent to US$102.60 a barrel.
“The broader market remains tightly supported by persistent supply disruptions and geopolitical uncertainty,” said Priyanka Sachdeva, analyst at Phillip Nova.
“Unless there is a clear and sustained resolution that restores normal flows through the Strait of Hormuz, oil prices are likely to remain elevated, with risks still tilted toward further upside.”
In other commodities, spot gold fell 1.3 per cent to US$4,553.53 an ounce. U.S. gold futures for June delivery dropped 1.7 per cent to US$4,565.40.
Currencies and bonds
The Canadian dollar weakened against its U.S. counterpart.
The day range on the loonie was 73.41 US cents to 73.65 US cents in early trading. The Canadian dollar was up about 2.18 per cent against the greenback over the past month.
The U.S. dollar index, which weighs the greenback against a group of currencies, climbed 0.17 per cent to 98.33. The U.S. dollar traded at $1.3617.
The euro fell 0.11 per cent to US$1.1710. The British pound slid 0.11 per cent to US$1.3561.
In bonds, the yield on the U.S. 10-year note was last up at 4.398 per cent.
Economic news
Euro zone’s manufacturing PMI
10 a.m. ET: U.S. factory orders for March. The Street is projecting a rise of 0.5 per cent from February.
2 p.m. ET: U.S. Senior Loan Officer Opinion Survey for April
3:30 p.m. ET: BoC Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers appear before the House Standing Committee on Finance
With Reuters and The Canadian Press