Investors are hoping that a rise in U.S. factory orders will buoy markets Monday after last week’s selloff. The latest economic data isn’t due until half an hour after North American markets open, and index futures were mixed in advance of the opening bell, with S&P 500 and TSX futures edging forward and Dow Jones futures off a fraction.
Economists are forecasting that U.S. factory orders rose 0.2 per cent in April after a 1.5 per cent decline the previous month. Investors are looking for some positive data after a wave of disappointing reports. On Sunday, China said growth in its services industries weakened. On Friday, the U.S. reported that job growth had slowed and manufacturing output last month was less than expected.
European markets are mixed today. Lending costs for Spain and Italy declined slightly, but any good news has been overshadowed by the growing rift between Germany and the rest of the euro zone over a bailout. German Chancellor Angela Merkel has become more outspoken against debt-sharing arrangements, saying on the weekend that she should will never agree to German-backed euro bonds.
China’s Hang Seng index down 2 per cent
Japan’s Nikkei 225 index down 1.7 per cent
London’s markets are closed today
France’s CAC 40 up 0.7 per cent
Germany’s DAX index down 0.7 per centSpain’s IBEX 35 index up 2.7 per cent
Oil down 1.7 per cent to $81.82 (U.S.) a barrel
Gold up 0.02 per cent at $1,622.50 an ounce
Copper futures down 0.8 per cent to $3.288 (July delivery)
Canadian dollar up 0.3 per cent to 96.36
10 a.m. (ET) U.S. factory orders are expected to have risen 0.2 per cent in April, following a 1.5 per cent decrease the previous month, which was the steepest decline in two years.
Stocks to watch:
There are no major earnings reports today.