S&P 500 and Nasdaq 100 contracts both advanced by more than 0.6 per cent, with cash trading set to resume after the Labor Day holiday. Gains in retailers, autos and travel shares lifted the Stoxx Europe 600 Index, while energy underperformed as a rally in oil cooled.
Treasuries dipped, led by shorter maturities, taking the two-year yield to 3.46 per cent. European natural gas prices eased with politicians scrambling to find solutions after Moscow switched off its main pipeline to the continent. Gains in oil prices sparked by an OPEC+ output cut faltered on demand risks from China’s Covid lockdowns.
“The global economy, and in particular the European economy is really faced with a number of very difficult challenges, of which energy is sitting at the heart of everything,” Seema Shah, chief global strategist at Principal Global Investors, said on Bloomberg Television. “It does unfortunately mean that Europe despite all the help that governments are trying to provide for families and businesses, it’s simply not going to be enough to stave off a pretty significant downturn.
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