A look at Friday morning’s market action
Wall Street futures slid early Friday as earnings season kicks off with results from some of the biggest U.S. banks. Major European markets were modestly higher.Futures linked to all three key U.S. indexes were just below break even in the early premarket period. On Thursday, the S&P and Dow each added more than 1 per cent while the Nasdaq jumped nearly 2 per cent. In Canada, theclosed up 0.54 per cent. Canada’s main index is up about 2 per cent for the week heading into Friday’s session.
“When JPMorgan Chase reported at the end of its last fiscal year, the bank set aside a rather large reserve build of $1.4-billion, as a result of a big increase in credit costs to $2.3-billion on the back of a deterioration in the economic outlook, with the bank saying that they have a baseline assumption of a mild recession,” Michael Hewson, chief market analyst with CMC Markets U.K., said in a note.
In Canada, factory sales figures are expected ahead of the start of trading, with a decline of 2.5 per cent expected. Crude prices were little changed after the International Energy Agency cautioned that recent output cuts by the OPEC+ group could weigh on the global economic recovery. “Consumers confronted by inflated prices for basic necessities will now have to spread their budgets even more thinly,” the agency said.The IEA said it expected global oil supply to fall by 400,000 bpd by the end of the year, citing an expected production increase of 1 million bpd from outside of OPEC+ beginning in March versus a 1.4 million bpd decline from the producer bloc, Reuters reported.
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