Futures on the S&P 500 Index pared losses and the dollar turned lower as investor concern seemed to ease over the latest flare-up between America and China. European stocks fell.
Treasuries held on to their gain notched on news that the U.S. ordered China’s Houston consulate to quickly close. The State Department later said the order was to protect intellectual property and “private information” of Americans. China’s Foreign Ministry said it would “react with firm countermeasures.”
Pfizer Inc. jumped in the premarket after saying the government ordered up to 600 million doses of its vaccine candidate against COVID-19. Silver rose to its highest level in almost seven years.
Fresh Sino-U.S. tension including new charges of Chinese hacking are adding to potential risks weighing on investors who recently drove global equities to a five-month high. After the success of a European rescue package this week, Senate Republicans and the Trump administration are struggling to reach consensus on another stimulus plan. The president warned the coronavirus crisis will probably worsen before improving.
“I’m more concerned going into the August, September period: what’s going to then be the next catalyst to take the broader market higher,” Andrew Sheets, a cross-asset strategist at Morgan Stanley, said on Bloomberg TV. It’s going to be “a tougher period for stocks,” he said.
Elsewhere, oil in New York dropped from a four-month high on signs of a surprise gain in U.S. crude stockpiles.
Here are some key events coming up:
Quarterly earnings gather steam, with reports due from Microsoft, Blackstone Group, Roche, Intel, Unilever, Canadian Pacific, Daimler, Hyundai and Mattel.
The EIA crude oil inventory report is due Wednesday.
U.S. weekly jobless claims come on Thursday.
These are the main moves in markets:
Stocks
Futures on the S&P 500 Index decreased 0.1 per cent as of 8:30 a.m. New York time.
The Stoxx Europe 600 Index decreased 0.9 per cent.
The MSCI Asia Pacific Index declined 0.8 per cent.
The MSCI Emerging Market Index dipped 0.5 per cent.
Currencies
The Bloomberg Dollar Spot Index fell 0.3 per cent.
The euro jumped 0.5 per cent to US$1.1584.
The British pound decreased 0.1 per cent to US$1.2717.
The onshore yuan weakened 0.2 per cent to 6.996 per dollar.
The Japanese yen weakened 0.2 per cent to 107.04 per dollar.
Bonds
The yield on 10-year Treasuries fell one basis point to 0.59 per cent.
The yield on two-year Treasuries decreased less than one basis point to 0.14 per cent.
Germany’s 10-year yield declined two basis points to -0.48 per cent.
Britain’s 10-year yield dipped less than one basis point to 0.132 per cent.
Japan’s 10-year yield declined one basis point to 0.019 per cent.
Commodities
West Texas Intermediate crude declined 1.4 per cent to US$41.32 a barrel.
Brent crude declined 1.2 per cent to US$43.77 a barrel.
Gold strengthened 0.9 per cent to US$1,858.18 an ounce.
–With assistance from Joanna Ossinger, Adam Haigh and Ranjeetha Pakiam.
TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.
The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.
Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.
Consolidated comparable sales were up 0.3 per cent.
On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.
The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.
The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.
Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.
Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.
On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.
The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.
The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.
Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.
In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.
On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.
The average analyst estimate had been for a profit of 76 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
