Morning Briefing: Stock markets remain buoyant, oil gains

Morning Briefing: Stock markets remain buoyant, oil gains

Morning Briefing: Stock markets remain buoyant, oil gains Stock markets remain buoyant, oil gains

Equities were boosted by the French election result yesterday and the rally has continued into Tuesday’s early trading.

Stock indexes in most Asian and European markets are higher which has added further downward pressure on gold prices. Oil prices have gained a little overnight but remain weakened by concern over OPEC production cuts.

Asian markets closed higher with Seoul’s KOPSI leading, closely followed by Tokyo and Hong Kong.

European indexes are trending higher although well below the strong gains in the previous session.

Wall Street and Toronto are expected to open higher. US housing data is due along with the consumer confidence index.
 

 

Latest

1 month ago

1 year ago

 

North America (previous session)

US Dow Jones

20,763.89 (+1.05 per cent)

+0.81 per cent

+15.50 per cent

TSX Composite

15,712.46 (+0.63 per cent)

+1.75 per cent

+13.89 per cent

 

Europe (at 5.00am ET)

UK FTSE

7,280.86 (+0.22 per cent)

-0.76 per cent

+16.29 per cent

German DAX

12,456.83 (+0.01 per cent)

+3.25 per cent

+21.01 per cent

 

Asia (at close)

China CSI 300

3,441.43 (+0.29 per cent)

-1.38 per cent

+8.84 per cent

Japan Nikkei

19,079.33 (+1.08 per cent)

-0.95 per cent

+9.40 per cent

 

Other Data (at 5.00am ET)

Oil (Brent)

Oil (WTI)

Gold

Can. Dollar

51.82

(+0.43 per cent)

49.42

(+0.39 per cent)

1271.50

(-0.47 per cent)

U$0.7373

 

Aus. Dollar

U$0.7533


Trump hits Canadian softwood industry with 20 per cent tax

A new tax on Canada’s softwood industry was announced Monday evening by the Trump administration. The tariffs, which could be as high as 24 per cent, follow a breakdown in talks on dairy products.

The US says that the tax on lumber is due to Canadian government subsidies which gives producers an unfair advantage and is damaging US wood producers.

Canada’s federal and provincial governments are likely to challenge the decision in US courts, as they have done in the past. Lumber disputes have been ongoing for decades.