Before the Bell: What every Canadian investor needs to know today
A look at Thursday morning’s market action
Equities
Global markets were mixed as Nvidia shares slid in premarket trading on news that its board may oust longtime CEO Jensen Huang after reports that he had two affairs.
Wall Street futures diverged with the Dow pointing higher after major North American markets closed up yesterday.
TSX futures were in the red.
In Canada, investors are getting results from Brookfield Corp., Canadian Tire Corp. Ltd.,Hudbay Minerals Inc., Stantec Inc., Northland Power Inc. and Choice Properties REIT.
On Wall Street, markets are watching earnings from Cisco Systems Inc. and Applied Materials Inc.
“Nvidia sits at the centre of an increasingly interconnected AI ecosystem,” said Charu Chanana, chief investment strategist at Saxo Bank in Singapore. “Its turmoil comes when financing, hyperscaler capex, valuations and returns on AI investment were already under scrutiny.”
Overseas, the pan-European STOXX 600 was up 0.48 per cent in morning trading. Britain’s FTSE 100 rose 0.3 per cent, Germany’s DAX gained 1.14 per cent and France’s CAC 40 advanced 0.76 per cent.
In Asia, Japan’s Nikkei closed 0.7 per cent lower, while Hong Kong’s Hang Seng dropped 1.26 per cent.
Commodities
Oil prices eased after recovering from earlier losses, as persistent geopolitical tensions in the Middle East and Russia offset pressure from rising crude output.
Brent futures were down 0.5 per cent at US$92.30 a barrel. West Texas Intermediate (WTI) crude slipped 0.47 per cent to US$86.12.
“Market players are vacillating between tentative truces in Ukraine and the Middle East and the ongoing atrocities against energy infrastructure and ships,” said Tamas Varga, analyst at PVM Associates.
In other commodities, spot gold declined 1.4 per cent to US$3,931.54 an ounce. U.S. gold futures for December delivery dropped 1.6 per cent to US$3,936.80.
Currencies and bonds
The Canadian dollar was little changed against its U.S. counterpart.
The day range on the loonie was 69.76 US cents to 70.22 US cents in early trading. The Canadian dollar was down about 0.47 per cent against the greenback over the past month. It traded at $1.4253 per US$1.
The U.S. dollar index, which weighs the greenback against a group of currencies, edged down 0.03 per cent to 102.87.
The euro climbed 0.04 per cent to US$1.1095. The British pound slipped 0.02 per cent to US$1.3272.
In bonds, the yield on the U.S. 10-year note was last up at 4.994 per cent.
Economic news
China current account surplus
8:30 a.m. ET: Canadian building permits for September.
8:30 a.m. ET: U.S. initial jobless claims for week of Nov. 7. Estimate is 194,000, up 5,000 from the previous week.
10 a.m. ET: U.S. existing home sales for October. The Street is projecting an annualized rate decline of 3.0 per cent.
2 p.m. ET: U.S. budget balance for October.
With Reuters and The Canadian Press