Two imitators borrowing the features of Donald Trump and Kim Jong-un in Singapore this weekend. (Photo: Getty)
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The New York Stock Exchange finished slightly in the green on Monday, overshadowing the G7 fiasco to focus on a week rich in political and monetary events, starting with the meeting Tuesday between Donald Trump and Kim Jong Un.
In the currency market, the Canadian dollar traded at an average rate of 76.96 cents US, down 0.19 cents from its average rate on Friday, after Mr. Trump continued his verbal attacks against Canada and Prime Minister Justin Trudeau, whom he called “dishonest” and “weak”.
At closing
TSX: + 0.37% to 16,263 points
S&P 500: +0,11% à 2782 points
Dow Jones: +0,01% à 25 319 points
Nasdaq: + 0.19% at 7660 points
Barrel of oil: + 0.46% to US $ 66.04
Once d’or: +0,13% à 1304 points
Canadian dollar: -0.43% to US $ 0.77
Context
“The market continues to be driven by good employment figures in May and growth in the second quarter, which bodes well for the next corporate earnings season,” said William Lynch of the Hinsdale Association.
In view of the good performance of the indicators, investors seem for the moment to relegate any disruptive factors to the background.
“The markets react a little to all the potentially negative elements, such as trade tensions, the rise in interest rates or the Italian elections, but this usually does not last long because the economy is otherwise doing quite well”, pointed out Art Hogan of Wunderlich Securities.
Thus the latest clashes between Washington with important allies at the G7 summit this weekend in Canada, Donald Trump having withdrawn his support for the final communiqué just hours after a hard-fought compromise, did not disturb more than that. Investors.
Wall Street brokers “seem to believe that unless there is an escalation into a full-scale trade war, the United States may ultimately benefit from all the ongoing talks,” Hogan commented.
They got used over the months to the sudden reversals in relations between Washington and its main trading partners, “now considered a negotiating technique”, according to the specialist.
Investors were instead preparing on Monday for a series of events and reports likely to animate the markets, including the Singapore summit between Donald Trump and Kim Jong Un on Tuesday.
“The expectations (on this meeting) are moderate, they have been mitigated by President Trump himself”, however, underlined Mr. Lynch. “If no agreement was found, it would simply bring us back to the situation we have known for several years.”
The meetings of the American and European central banks will also be closely watched during the week as well as a deluge of indicators including figures on consumer and producer prices, and on retail sales.
The bond market tightened a bit, with the interest rate on 10-year Treasuries climbing around 8:20 p.m. GMT to 2.952% vs. 2.946% on Friday and the 30-year one rising to 3.094% vs. 3.090% at the previous close
Titles in action
Here is a selection of announcements that have made (or will make) move the prices of these companies. >>> Read here <<
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