Shares Wall Street futures plummeted early Tuesday as traders returned to work after a long weekend. Major European markets were also on the rise, with the help of a stable global climate. TSX futures were positive as crude prices recovered some recent losses. In the early pre-market period, futures linked to the three key US indices all recorded steady gains with Dow futures adding more than 500 points at one point, while Nasdaq futures gained about 2 percent. US markets were closed on Monday and are coming from a brutal week of sales. The S & P / TSX Composite Index ended Monday’s session with a rise of 1.34%, helped by the rise of telecommunications shares. Traders are now awaiting testimony from Federal Reserve Chairman Jerome Powell in Washington later this week for further details on how aggressive the US Federal Reserve will be in its fight to curb inflation. “We certainly have a few more hours of calm in the markets,” Swissquote senior analyst Ipek Ozkardeskaya said in an early note. “But things will start to get serious with Jerome Powell’s half-yearly report expected Wednesday and Thursday, reiterating how strong the Fed is committed to fighting rising US inflation.” He said the recovery in US stocks “should be limited to Powell’s testimony”. “But in terms of pricing, we may not see an aggressive pricing this week, as Fed Funds futures are already almost 100% likely to rise 75 basis points at the FOMC meeting in July,” he said. In that country, Statistics Canada said retail sales rose 0.9 percent in April, slightly ahead of the 0.8 percent increase forecast by economists. According to initial estimates, the agency expects sales in May to increase by 1.6%, although this percentage is subject to revision. On the corporate side, Andrew Willis of The Globe reports that federal regulators have begun reviewing Rogers Communications Inc.’s planned sale of Freedom Mobile’s mobile service. at Quebecor Inc. on Monday as Bay Street approved a deal believed to pave the way for Rogers Shaw Communications Inc.’s proposed takeover Regulators have insisted on any agreement between Rogers and Shaw – the country’s two largest cable companies – to ensure consumers can continue to choose between four mobile providers. Abroad, the pan-European STOXX 600 jumped 0.44% by noon. The British FTSE 100 strengthened 0.49%. The German DAX and the French CAC 40 rose 0.38% and 0.76%. In Asia, Japan’s Nikkei rose 1.84%. Hong Kong Hang Seng strengthened 1.87%. Goods Crude prices moved higher at the start, recovering from some of last week’s deep losses as narrow supply concerns continue to support the market. Daytime at Brent is $ 114.13 to $ 116. The range at West Texas Intermediate is $ 106.82 to $ 110.75. Both benchmarks saw heavy losses last week. “The market remains extremely tight, but the threat of recession is one of the few negative forces for crude prices,” said Craig Erlam, senior OANDA analyst. “Whether that will be enough to create more than just two-way price action is another matter. “The price was higher last month and the upside remains much more convincing.” Weekly U.S. crude stock data will be delayed by one day this week due to the June 10 holiday on Monday, with U.S. Petroleum Institute industry data for the week ending June 17 showing Wednesday and Service data US Energy Information Administration on Thursday. In other commodities, gold prices fell, although a slight drop in the US dollar offered some support. Gold spot fell 0.2% to $ 1,835.59 an ounce. US futures contracts fell 0.1% to $ 1,838.90. “The good news for gold is that a lot of monetary tightening has now been priced, which is the main weight for it,” Mr Erlam said. “The increased risk of recession seems to be driving demand for the traditional safe haven that could maintain it favorably in the future.” currency The Canadian dollar rose, aided by a positive risk climate and improved commodity prices, as its US counterpart fell ahead of the test later in the week by Fed Chairman Jerome Powell. The day range at loonie is 76.98 US cents to 77.49 US cents. Investors received slightly better-than-expected retail sales in early April early Tuesday, but the week’s most important economic headline comes Wednesday with the release of May inflation data. In world markets, the US dollar index, which hedged against the dollar against a group of world currencies, fell 0.3 percent to 104.10 points, in view of Mr. Powell’s deposit in Congress, which begins on Wednesday. The euro strengthened 0.5 percent to $ 1.0563 after ECB chief economist Philip Lane said the ECB would raise interest rates by 25 basis points at its July meeting, but the size of the September increase has not yet been decided, according to a Reuters report. . The Australian dollar, often seen as an indicator of a risky climate, rose 0.3% after Reserve Bank of Australia Governor Philip Lowe noted further interest rate hikes in the future but downgraded its chances of rising by 75 basis points. On bonds, the yield on the 10-year US bond was moderately higher at 3,264 percent at the beginning of the pre-market period. More company news Hydro One Ltd. says CEO Mark Poveska is resigning. The Toronto-based company says he is leaving to lead a utility company closer to his family in Western Canada later this year. Hydro One says William Sheffield has been appointed interim president and CEO. Kellogg said on Tuesday it was split into three separate companies, focusing on snacks, North American cereals and plant-based businesses. Kellogg said the cereal and vegetable divisions in the US, Canada and the Caribbean together accounted for about 20% of its net sales in 2021, while other companies accounted for about 80% of sales. Elon Musk said there are still some unresolved issues with his own Twitter agreement, including the number of junk users in the system and the concentration of the debt portion of the agreement. “We are still waiting for a solution to this issue and this is a very important issue,” he said, reiterating doubts about Twitter’s claims that fake or unwanted accounts accounted for less than 5% of its daily active revenue-generating users. “And then, of course, there is the question, will the debt portion of the round be collected? And then the shareholders will vote in favor? JetBlue Airways Corp further improved its bid for acquisition target Spirit Airlines by $ 2 to $ 33.50 per share in cash after completion of the custody audit. Financial news (8:30 a.m. ET) Canadian Retail Sales for April. (8:30 a.m. ET) National Fed Index of the US Fed in Chicago for May. (10 a.m. ET) Existing Homes for Sale in the US for May. With Reuters and the Canadian press Editor’s note: Carolyn Rogers, Senior Bank of Canada Deputy Governor, will speak in Toronto on Wednesday. An early version of this story incorrectly stated the date of its observations as Tuesday.
