Gaza Ceasefire and Canada Job Rebound in Focus

The Gaza ceasefire deal, which has the potential to ease tensions in the Middle East, has had mixed implications for markets today. Crude Oil is down 1.4% as supply risks in the wider region ease. Defensive havens like precious metals, however, have not been impacted at all with Gold up 0.8% and Silver up 2.4%. This suggests that while a bit of risk may have been built into the Oil price, the rally in precious metals has been driven more by the decline in the US Dollar than concern over conflict.

Trading in equity markets has been mixed heading into the Canadian Thanksgiving and US Columbus Day (partial holiday) long weekend. US index futures are up 0.1%-0.2%. Asia Pacific trading saw the Hang Send fall 1.7% and the Nikkei slide 1.0%. European indices like the DAX, CAC and FTSE are flat so far today.

Canadian employment rebounded strongly last month with a gain of 60K jobs, far above the 5K the Street had expected, and a big improvement from August’s 65K job decline. The Loonie is rallying on the news, up 0.25% so far today against the greenback.

US U of Michigan consumer sentiment is due at 10:00 am EDT (Street 54.2), a figure that usually has limited impact but could attract more attention this month in the absence of US government economic reports.

In earnings news, Levi Strauss beat expectations ($0.34 vs Street $0.31). While a few companies reported this week, earnings season shifts into high gear next week when the major banks release results starting Tuesday. 

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