World stocks uneven ahead of European Central Bank meeting

HONG KONG - World stocks markets traded unevenly Wednesday on investor uncertainty over whether European Central Bank policymakers would follow through on promises to help revive flagging growth at a policy meeting this week.

See Full Article

KEEPING SCORE: European stocks were moderately higher in early trading, with France's CAC 40 rising 0.4 per cent to 4,423.46 and Germany's DAX adding 0.4 per cent to 9,727.59. Britain's FTSE 100 edged up 0.1 per cent to 6,130.56. U.S. stocks were poised to open higher, with Dow futures adding 0.3 per cent to 17,028.00 and broader S&P 500 futures up 1,986.40.

ECB IN FOCUS: Investors are focused on the European Central Bank's policy meeting on Thursday. Many analysts expect the bank to open the stimulus taps further based on hints from ECB chief Mario Draghi and economic data that showed inflation across the 19-country eurozone has slipped under zero. The ECB could send deposit rates further into negative territory or step up a bond buying program. The most likely scenario is a cut to deposit rates, which could give banks an incentive to lend more.

QUOTEWORTHY: "The market has already priced in this expectation (of further ECB stimulus). However if this doesn't happen tomorrow then we will see more volatility following the disappointment and the euro will also feel under pressure," said Margaret Yang, an analyst at CMC Markets in Singapore. "Some traders, they may be more cautious and stay away from the markets right now and wait for after the ECB's decision to get into the markets."

ASIA'S DAY: Japan's benchmark Nikkei 225 index lost 0.8 per cent to close at 16,642.20 while South Korea's Kospi rose 0.3 per cent to end at 1,952.95 after recovering early losses. Hong Kong's Hang Seng dipped 0.1 per cent to 19,996.26 and the Shanghai Composite Index in mainland China retreated 1.3 per cent to 2,862.56. Australia's S&P/ASX 200 gained 1 per cent to 5,157.20, while markets in Southeast Asia were mixed.

ENERGY: Benchmark U.S. crude rose 41 cents to $36.91 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.40 to settle at $36.50 a barrel on Tuesday. Brent crude, which is used to price international oils, added 61 cents to $40.27 a barrel in London.

CURRENCIES: The dollar slipped to 112.51 yen from 112.58 yen. The euro weakened to $1.0973 from $1.0998.



Advertisements

Latest Economic News

  • U.S. dairy industry divided on how to deal with Canada's supply management system

    Economic CTV News
    WASHINGTON - The American dairy industry is split on the question of Canada's supply-management system as national negotiators get set to hold their first session on agriculture Saturday in North American free trade talks. A vocal contingent of American farmers actually supports the Canadian system of price-and-import controls and wants their national negotiators to leave the Canadian system alone instead of fighting it as expected. Source
  • Consumer culture on the rise in North Korea

    Economic CTV News
    PYONGYANG, Korea, Democratic People's Republic Of - Like all North Korean adults, Song Un Pyol wears the faces of leader Kim Jong Un's father and grandfather pinned neatly to her left lapel, above her heart. Source
  • Asian stocks slide as Spain attack weighs down markets

    Economic CTV News
    HONG KONG - Asian stocks sank Friday as global investor sentiment was battered by big losses on Wall Street amid U.S. political turmoil and a deadly van attack in Spain. KEEPING SCORE: Japan's benchmark Nikkei 225 index lost 1 per cent to 19,505.23 and South Korea's Kospi shed 0.2 per cent to 2,356.58. Source
  • Starbucks chairman questions 'moral fiber' of U.S.

    Economic CTV News
    SEATTLE -- Starbucks chairman Howard Schultz says the events surrounding a white nationalist rally in Charlottesville, Virginia, last weekend have put the "moral fiber" of the country in question. Schultz said at an employee forum in Seattle on Tuesday that he has "profound concern about the lack of character, morality, humanity," displayed at the rally, according to a recap of the meeting posted on Starbucks' website. Source
  • Ex-J.C. Penney executive tapped for CFO gig at Hudson's Bay Company

    Economic CTV News
    TORONTO -- Hudson's Bay Company has tapped the former chief financial officer of another struggling retailer, J.C. Penney, to fill its vacancy. Edward Record will step into the executive role on Aug. 28, taking over the job from Paul Beesley, whose upcoming departure was announced in early July. Source
  • Apple CEO makes $2 million pledge to fight hate

    Economic CTV News
    SAN FRANCISCO -- Apple is donating $2 million to two human rights groups as part of CEO Tim Cook's pledge to help lead the fight against the hate that fueled the violence in Virginia during a white-nationalist rally last weekend. Source
  • Walmart took bigger bite out of Canadian grocery industry last quarter, earnings show

    Economic CBC News
    Walmart says its Canadian stores gained market share against rivals during its fiscal second quarter. "We further improved our price position against competitors, which contributed to market share gains in key traffic driving categories such as food and consumables," Walmart chief financial officer Brett Biggs said in remarks prepared for analysts during a conference call to discuss its most recent results Thursday. Source
  • Minnesota to review Enbridge Line 3 oil pipeline from Alberta

    Economic CTV News
    MINNEAPOLIS -- Minnesota regulators on Thursday released the final environmental review of Enbridge Energy's proposal to replace its aging Line 3 oil pipeline, which carries Canadian tar sands crude across northern Minnesota to Wisconsin. The state Commerce Department has updated and expanded the massive document since it released the draft for public comment in May. Source
  • Ontario court dismisses CUPE lawsuit over sale of Hydro One shares

    Economic CTV News
    TORONTO - An Ontario court has thrown out a lawsuit against the provincial government over the controversial partial sale of Hydro One. The lawsuit filed last December by the Canadian Union of Public Employees alleged the sale of shares in the utility was "motivated by improper and ulterior purposes," namely to reward benefactors of the Ontario Liberal Party. Source
  • L.L. Bean boosts production of iconic boot

    Economic CTV News
    LEWISTON, Maine -- L.L. Bean hopes to give the boot to backlogs of its most iconic product. The Maine-based retailer is expanding production to keep up with demand for its leather-and-rubber "duck boot" with a new manufacturing centre with another machine used to make the rubber soles. Source