Before the Bell: What every Canadian investor needs to know today

Equities

World stocks rose as a drop in oil prices lifted sentiment after U.S. President Donald ​Trump said he plans to hold off on new military ‌strikes against Iran.

Market focus remains on Nvidia after the world’s second-most valuable company said its board was probing whether CEO Jensen Huang had been the target of a foreign intelligence operation. Shares gained 2 per cent in premarket trading after dropping 4.3 per cent yesterday.

Wall Street futures were mixed with the Nasdaq pointing lower ahead of U.S. inflation data that could sway the near-term interest rate outlook.

TSX futures edged higher after major North American markets closed up yesterday.

In Canada, investors are getting results from Hydro One Ltd., Finning International Inc., Altius Minerals Corp., CCL Industries Inc., Discovery Mining Ltd., Freehold Royalties Ltd., Keyera Corp., Pet Valu Holdings Ltd. and Superior Plus Corp.

On Wall Street, markets are watching earnings from CoreWeave Inc.

“The situation for Trump has changed politically with the midterms... that probably ​makes it more likely that he wants to come to an accord ‌with Iran before he’s held back by Congress,” said Joost van Leenders, senior investment strategist at Van Lanschot Kempen Investment Management in Amsterdam.

Overseas, the pan-European STOXX 600 was up 0.75 per cent in morning trading. Britain’s FTSE 100 rose 0.28 per cent, Germany’s DAX gained 1.17 per cent and France’s CAC 40 advanced 1.04 per cent.

In Asia, Japan’s Nikkei closed 2.87 per cent higher, while Hong Kong’s Hang Seng climbed 0.44 per cent.

Commodities

Oil prices declined, extending losses from the previous session after ⁠Trump played down ​the need for additional military action against Iran “at this point,” easing fears of sustained supply disruptions from the Middle East.

Brent crude futures fell 3.13 per cent to US$89.67 a barrel, while West Texas Intermediate (WTI) futures slid 2.9 per cent to US$84.33 ​a barrel.

“The ⁠market continues to prioritize President Trump’s more conciliatory tone toward Iran since the midterms,” said ​Tim Waterer, chief market analyst at KCM Trade.

“While attacks on shipping around the Strait of Hormuz are still occurring, they have not escalated in a way that has forced a fresh risk premium into the market,” he said.

In other commodities, spot gold was down ⁠1.31 per cent ​to US$4,084.36 an ounce. U.S. gold futures for December delivery eased 0.5 per cent to US$4,091.00.

Currencies and bonds

The Canadian dollar weakened against its U.S. counterpart.

The day range on the loonie was 70.71 US cents to 70.90 US cents in early trading. The Canadian dollar was up about 0.57 per cent against the greenback over the past month. It traded at $1.4137 per US$1.

The U.S. dollar index, which weighs the greenback against a group of currencies, climbed 0.06. per cent to 101.72.

The euro was little changed at US$1.1227. The British pound fell 0.12 per cent to US$1.3427.

In bonds, the yield on the U.S. 10-year note was last down at 4.890 per cent.

Economic news

China trade deficit

Japan household spending and bank lending

6 a.m. ET: U.S. NFIB Small Business Economic Trends Survey for October.

8:15 a.m. ET: U.S. ADP Employment (4-week average change) for Oct. 254.

8:30 a.m. ET: U.S. CPI for October. The Street is expecting a rise of 0.3 per cent from September.

1:30 p.m. ET: Bank of Canada’s summary of deliberation for the Oct. 28 decision.

With Reuters and The Canadian Press