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Global markets slid amid a tech slump as Apple’s hefty price hikes revealed the downside of booming chip demand. |
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Wall Street futures were in the red after a mixed close on North American markets yesterday. |
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TSX futures followed sentiment lower. |
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In Canada, investors are getting results from Corus Entertainment Inc. |
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On Wall Street, markets are watching earnings from Apogee Enterprises Inc. |
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Apple’s price increases were a reflection of how “big tech may at some point start to feel the pain of these higher component costs, and that can become a broader ecosystem headwind,” said Charu Chanana, chief investment strategist at Saxo. |
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“That is why markets are becoming more cautious. Higher input costs, heavier capex needs and rising funding demands are making investors more selective about AI exposure.” |
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Overseas, the pan-European STOXX 600 was down 0.84 per cent in morning trading. Britain’s FTSE 100 dropped 0.74 per cent, Germany’s DAX fell 1.2 per cent and France’s CAC 40 eased 0.58 per cent. |
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In Asia, Japan’s Nikkei closed 4.15 per cent lower, while Hong Kong’s Hang Seng declined 1.76 per cent. |
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Crude prices sank were headed for steep weekly losses amid easing supply concerns as more stranded oil tankers exited the Strait of Hormuz, even though a cargo vessel was hit near Oman yesterday. |
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Brent crude futures fell 3.8 per cent to US$72.37 a barrel, while West Texas Intermediate (WTI) dropped 3.9 per cent to US$69.13 a barrel. |
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Saudi Aramco resumed loadings today at its Ras Tanura terminal in the Gulf after a near four-month halt in a further likely boost to supply. |
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“There is a general selloff as the market reacts to the increased flows exiting the Strait of Hormuz and China not yet picking up crude demand,” said June Goh, senior oil market analyst at Sparta Commodities. |
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In other commodities, spot gold was up 0.3 per cent to US$4,038.48 an ounce. U.S. gold futures for August delivery gained 0.2 per cent to US$4,053.80. |
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The Canadian dollar strengthened against its U.S. counterpart. |
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The day range on the loonie was 70.36 US cents to 70.53 US cents in early trading. The Canadian dollar was down about 2.74 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, dropped 0.22 per cent to 101.21. The dollar was pegged at $1.4182. |
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The euro gained 0.32 per cent to US$1.1406. The British pound advanced 0.21 per cent to US$1.3219. |
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In bonds, the yield on the U.S. 10-year note was last down at 4.382 per cent. |
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China’s industrial profits |
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8:30 a.m. ET: Canadian wholesale trade for May. |
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8:30 a.m. ET: U.S. goods trade deficit for May. |
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8:30 a.m. ET: U.S. wholesale and retail inventories for May. |
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10 a.m. ET: U.S. University of Michigan Consumer Sentiment Survey for June. |
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With Reuters and The Canadian Press |
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