Equities<\/p>\n
Global markets tumbled as a deadlock in U.S.-Iran \u2060negotiations dented \u200brisk appetite and \u200binflation fears lifted expectations \u200cof interest rate hikes this year.<\/p>\n
Wall Street futures were in negative territory after major North American markets closed higher yesterday.<\/p>\n
TSX futures followed sentiment lower.<\/p>\n
In Canada, investors are getting results from Onex Corp.<\/p>\n
Over \u200bthe past few days, \u201cit\u2019s just been this relentless rally. So \u200cI think we\u2019re at a point where that rally exhausts itself a little bit,\u201d said Tim Graf, managing director and head of macro strategy for EMEA at State Street Markets.<\/p>\n
But he added that equities remain supported.<\/p>\n
\u201cI think if anything is enough to create a pullback, it is what\u2019s happening in rate markets and the prospect \u200cthat inflation \u200bwill remain above target for a \u200clot of these central banks and they\u2019ll maybe have to tighten it,\u201d he said. <\/p>\n
Overseas, the pan-European STOXX 600 was down 1.41 per cent in morning trading. Britain\u2019s FTSE 100 fell 1.38 per cent, Germany\u2019s DAX slid 1.74 per cent and France\u2019s CAC 40 declined 1.47 per cent.<\/p>\n
In Asia, Japan\u2019s Nikkei closed 1.99 per cent lower, while Hong Kong\u2019s Hang Seng dropped 1.62 per cent. <\/p>\n
Commodities<\/p>\n
Oil prices climbed after U.S. President Donald Trump \u200csaid his patience with Iran is running out, adding to concerns over the lack of progress on a peace deal to end \u2060ship attacks \u200band seizures around the Strait of Hormuz.<\/p>\n
Brent crude \u2060oil futures \u200bwere up 2.7 per cent to US$108.70 a barrel. West Texas Intermediate (WTI) futures advanced 3.3 per cent to US$104.50 a barrel<\/p>\n
\u201cMarket focus is back on \u200bthe deadlock and a blockaded Strait of \u2060Hormuz, with a tail risk of renewed military escalation,\u201d \u2060said Vandana Hari, founder of oil market analysis provider Vanda Insights.<\/p>\n
In other commodities, spot gold extended losses for a fourth consecutive session, and was down 2.2 per cent \u2060at US$4,546.45 an ounce. U.S. gold futures for June delivery declined 2.9 per cent to trade at US$4,555.80.<\/p>\n
Currencies and bonds<\/p>\n
The Canadian dollar weakened against its U.S. counterpart.<\/p>\n
The day range on the loonie was 72.67 US cents to 72.99 US cents in early trading. The Canadian dollar was down about 0.37 per cent against the greenback over the past month. <\/p>\n
The U.S. dollar index, which weighs the greenback against a group of currencies, gained 0.32 per cent to 99.14. The dollar was pegged at $1.3742. <\/p>\n
The euro slid 0.67 per cent to US$1.1639. The British pound fell 1.2 per cent to US$1.3366. <\/p>\n
In bonds, the yield on the U.S. 10-year note was last up at 4.541 per cent.<\/p>\n
Economic news<\/p>\n
Japan\u2019s machine tool orders<\/p>\n
ECB\u2019s Economic Bulletin is released<\/p>\n
8:15 a.m. ET: Canadian housing starts for April. Estimate is an annualized rate rise of 1.8 per cent.<\/p>\n
8:30 a.m. ET: Canada\u2019s manufacturing sales and new orders for March. Consensus estimates are month-over-month increases of 3.5 per cent and 4.0 per cent, respectively.<\/p>\n
8:30 a.m. ET: Canada\u2019s international securities transactions for March.<\/p>\n
9:15 a.m. ET: U.S. industrial production and capacity utilization for April.<\/p>\n
With Reuters and The Canadian Press<\/p>\n","protected":false},"excerpt":{"rendered":"Equities Global markets tumbled as a deadlock in U.S.-Iran \u2060negotiations dented \u200brisk appetite and \u200binflation fears lifted expectations…\n","protected":false},"author":2,"featured_media":46427,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[1634,17,1635,1627,1629,1630,1632,1636,1448,1637,1631,1628,1633,818],"class_list":{"0":"post-46426","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-canada","8":"tag-bonds","9":"tag-canada","10":"tag-canadian-dollar","11":"tag-dow-jones","12":"tag-equities","13":"tag-futures","14":"tag-gold","15":"tag-loonie","16":"tag-nasdaq","17":"tag-newnewsletter","18":"tag-oil","19":"tag-sd","20":"tag-silver","21":"tag-tsx"},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/46426","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/comments?post=46426"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/46426\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media\/46427"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media?parent=46426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/categories?post=46426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/tags?post=46426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}