A look at the morning’s market action
Wall Street futures were lower early Tuesday signalling continued losses as traders await earnings from some of the biggest U.S. banks and new inflation figures later in the week. Major European markets were down in morning trading. TSX futures also fell alongside weaker crude prices.
Reuters reports that Ukraine President Volodymyr Zelenskiy is expected to ask the leaders of the G7 group of nations to urgently supply Ukraine with weapons to defend itself from Russian missiles, a day after MoscowMeanwhile, COVID-19 concerns in China continue to weigh on sentiment with authorities in Shanghai and other big cities stepping up testing amid rising infections.
In this country, investors get results from fashion retailer Aritzia after the close of trading on Wednesday. Crude prices fell in early going, hit by ongoing fears of a global recession and concerns over rising COVID-19 cases in China. “Those warnings won’t come as an enormous surprise given the immense economic headwinds as a result of the pandemic and Russia’s invasion of Ukraine, not to mention the baffling decision by OPEC+ last week to cut output by two million barrels per day which will only add to them.”Spot gold was down 0.1 per cent at US$1,665.89 per ounce by early Tuesday morning, after earlier touching its lowest since Oct. 3. U.S. gold futures slid 0.1 per cent to US$1,672.60.
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