A look at Monday morning’s market action
In the early premarket period, Dow, S&P and Nasdaq futures were all above water. On Friday, all three saw losses, led by a 1.56-per-cent decline by the Nasdaq. Canada’sThis week attention will be focused on the Fed policy announcement, due Wednesday afternoon. Markets are expecting the central bank to again hold interest rates steady, but will be looking for signals about where the Fed goes from there.
In Canada, the week’s key economic release comes Tuesday morning with August inflation figures from Statistics Canada. In July, the annual rate of inflation rose to 3.3 per cent. That was off highs seen over the last year but still above the 2.8 per cent annual rate reported in June. On the corporate side, the auto sector remains in focus. Talks between Unifor and the big three auto makers expire on Monday at 11:59 p.m. The union is negotiating with Ford Motor Co. in an effort to reach an agreement that can be used as a blueprint for workers at General Motors and Stellantis. In the U.S., United Auto Workers members areOverseas, the pan-European STOXX 600 was down 0.37 per cent. Britain’s FTSE 100 was little changed. Germany’s DAX and France’s CAC 40 slid 0.39 per cent and 0.
Recent output curbs by OPEC+ members Saudi Arabia and Russia have bolstered prices, reigniting concerns about inflationary pressures. Traders will be watching policy announcements this week from major central banks, including the Fed and the Bank of England, for signs of renewed worries about price pressures.
In other commodities, gold prices touched their best level in a week early Monday morning. Spot gold gained 0.3 per cent to US$1,928.79 per ounce. U.S. gold futures were up 0.2 per cent at US$1,949.80.The Canadian dollar was up while its U.S. counterpart continued to trade near six-month highs early Monday morning.
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