World Markets Send Mixed Signals as Employment Weakens

US index futures appear to be trying to shake off yesterday’s mixed US index performance, with the three main contracts climbing 0.2% to 0.3%. Overseas market action has also been mixed. The Nikkei rallied 1.8%, but the Hang Seng fell 0.9% and in Europe today, the major markets are all, essentially, flat.

Like the US last week, Canada employment disappointed for July. Last month Canada lost 40.8K jobs well below the 13.5K growth in jobs which has been widely expected. The combined reports suggests that the North American economy may be slowing this summer amid ongoing trade disputes between the two countries, potentially putting pressure on central banks to cut interest rates. The Loonie has weakened a bit on the news and is now down 0.1% on the day so far.

Commodities are in the green this morning with Crude Oil up 0.3% and Copper up 0.7%. Currency action is mixed with Gold up 0.7%, the Yen down 0.5%, and the Euro down 0.2%.

We are now starting to move past the peak of earnings season. Pinterest is down 12.6% premarket after posting disappointing earnings. Sun Life is quiet after beating the street slightly. Constellation Software reports later in the day.

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