meeting<\/a> with Ukrainian President Volodymyr Zelensky and European leaders later today, after Trump\u2019s summit with Russian President Vladimir Putin in Alaska on Friday.<\/p>\nWall Street futures were in negative territory, while TSX futures followed sentiment lower ahead of inflation data tomorrow. <\/p>\n
\u201cWe see three rate cuts in the U.S. this year, and slower GDP growth but no recession,\u201d said Mark Matthews, head of research for Asia at Bank Julius Baer in Singapore. \u201cThe combination of those two should allow the rally to continue.\u201d<\/p>\n
Overseas, the pan-European STOXX 600 was down 0.2 per cent in morning trading. Britain\u2019s FTSE 100 slid 0.06 per cent, Germany\u2019s DAX fell 0.32 per cent and France\u2019s CAC 40 dropped 0.74 per cent.<\/p>\n
In Asia, Japan\u2019s Nikkei closed 0.77 per cent higher, while Hong Kong\u2019s Hang Seng gave back 0.37 per cent. <\/p>\n
Commodities<\/p>\n
Oil prices rose after White House trade adviser Peter Navarro said India\u2019s purchases of Russian crude were funding Moscow\u2019s war in Ukraine and had to stop, while traders looked to the outcome from the Trump-Zelensky meeting.<\/p>\n
Brent crude futures were up 0.46 per cent to US$66.15 a barrel. West Texas Intermediate (WTI) crude gained 0.61 per cent to US$63.18 a barrel.<\/p>\n
\u201cMarket focus now shifts to today\u2019s Washington meeting for signs of a deal that could eventually boost crude and gas supply,\u201d said Saxo Bank\u2019s head of commodity strategy, Ole Hansen.<\/p>\n
\u201cI don\u2019t believe the oil market has priced in a full peace dividend that potentially could see prices of crude and EU gas suffer further setbacks,\u201d Hansen added.<\/p>\n
In other commodities, spot gold gained 0.4 per cent to US$3,349.47 an ounce after hitting its lowest level since Aug. 1. U.S. gold futures for December delivery rose 0.4 per cent to US$3,395.10.<\/p>\n
Currencies and bonds<\/p>\n
The Canadian dollar strengthened against its U.S. counterpart.<\/p>\n
The day range on the loonie was 72.35 US cents to 72.51 US cents in early trading. The Canadian dollar was down about 0.83 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, rose 0.17 per cent to 98.02. <\/p>\n
The euro slid 0.2 per cent to US$1.1682. The British pound declined 0.11 per cent to US$1.3540. <\/p>\n
In bonds, the yield on the U.S. 10-year note was last down at 4.297 per cent.<\/p>\n
Economic news<\/p>\n
Euro zone trade surplus<\/p>\n
(8:15 a.m. ET) Canadian housing starts for July. The Street is projecting an annualized rate decline of 4 per cent.<\/p>\n
(8:30 a.m. ET) Canada\u2019s household and mortgage credit for June.<\/p>\n
(8:30 a.m. ET) Canada\u2019s international securities transactions for June.<\/p>\n
(10 a.m. ET) U.S. NAHB Housing Market Index for August.<\/p>\n
With Reuters and The Canadian Press<\/p>\n","protected":false},"excerpt":{"rendered":"Equities Global markets drifted lower ahead of what is likely to be an eventful week for U.S. interest…\n","protected":false},"author":2,"featured_media":78583,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[3244,45,49,48,3245,3237,3240,2640,3242,3246,166,3247,3241,3239,3243,3238],"class_list":{"0":"post-78582","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-bonds","9":"tag-business","10":"tag-ca","11":"tag-canada","12":"tag-canadian-dollar","13":"tag-dow-jones","14":"tag-equities","15":"tag-futures","16":"tag-gold","17":"tag-loonie","18":"tag-nasdaq","19":"tag-newnewsletter","20":"tag-oil","21":"tag-sd","22":"tag-silver","23":"tag-tsx"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/78582","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=78582"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/78582\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/78583"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=78582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=78582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=78582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}