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Global stocks surged on Friday as signs of possible trade talks between the United States and China lifted risk sentiment following lacklustre results from Apple and Amazon, which fuelled worry of the global trade war impact. |
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China’s commerce ministry said today the U.S. has again expressed willingness to negotiate on tariffs and that Beijing’s door is open for talks, in a move that could ease tensions. |
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The comments helped U.S. stock futures reverse course from earlier falls after Apple trimmed its share buyback program and warned tariffs could add about $900-million in costs this quarter. |
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Futures for S&P 500 rose 0.8 per cent while those for Nasdaq were 0.6 per cent higher. |
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TSX futures were also up slightly. |
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In Canada, investors are getting results from Brookfield Renewable Partners LP, Imperial Oil Ltd., Magna International Inc., Sprott Inc. and Westshore Terminals Investment Corp. |
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On Wall Street, markets are watching earnings from Chevron Corp., Cigna Corp., Exxon Mobil Corp., Shell ADR. |
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China has “struck a cautious tone, demanding that the U.S. ‘show sincerity’ if they want trade talks,” said Matt Simpson, senior market analyst at City Index. |
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“So while olive branch has been offered, you can hardly say China has ‘come crawling’ like Trump had hoped.” |
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Overseas, the pan-European STOXX 600 was up 1.12 per cent in morning trading. Britain’s FTSE 100 rose 076 per cent, Germany’s DAX was up 1.68 per cent and France’s CAC 40 rose 1.52 per cent. |
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Japan’s Nikkei gained over 1 per cent. Hong Kong’s Hang Seng surged 1.6 per cent, while mainland China markets were closed for a holiday. |
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Brent crude futures were up 0.1 per cent, to US$62.22 a barrel this morning, while WTI crude futures were up 0.1 per cent, to US$59.30 a barrel. |
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“Crude oil was sent on a rollercoaster ride this week,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. “Day-to-day moves in crude are tough to catch, but the outlook remains negative given rising supply and weakening demand prospects.” |
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In other commodities, spot gold was up 0.5 per cent to US$3,255.60 an ounce this morning. |
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The Canadian dollar strengthened against its U.S. counterpart. |
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The day range on the loonie was 72.15 US cents to 72.50 US cents in early trading. The Canadian dollar was up about 2.84 per cent against the greenback over the past month. |
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The U.S. dollar index, which weighs the greenback against a group of currencies, was down 0.29 per cent to 99.86. |
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The euro was up 0.33 per cent to US$1.1329. The British pound rose 0.1 per cent to US$1.3291. |
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In bonds, the yield on the U.S. 10-year note was last down at 4.205 per cent ahead of the North American opening bell. |
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Euro zone CPI, jobless rate and manufacturing PMI |
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(8:30 a.m. ET) U.S. nonfarm payrolls for April. The Street expects an increase of 125,000 from the March with the unemployment rate remaining 4.2 per cent and average hourly wages rising 0.3 per cent. |
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(10 a.m. ET) U.S. factory orders for March. Consensus is a month-over-month gain of 4.4 per cent. |
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With Reuters and The Canadian Press |
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