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Market Wrap: pre-opening session |
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U.S. market futures drop as U.S. President Donald Trump announced on Saturday that his country will charge escalating tariffs against eight European countries - Denmark, Norway, Sweden, France, Germany, the U.K., the Netherlands and Finland - until the U.S. purchase of Greenland is completed.
This Monday, U.S. stocks indexes are closed for the Martin Luther King Jr. Day holiday.
On Friday, major U.S. stock indexes closed marginally lower before a long weekend. The Dow Jones was down 83 points (-0.17%) to 49,359, the S&P 500 fell 4 points (-0.06%) to 6,940 and the Nasdaq 100 declined 17 points (-0.07%) to 25,529
Micron (MU) jumped 7.76% marking a record close above 362 dollars. Mark Liu, a former co-CEO of Taiwan Semiconductor Manufacturing (TSM) who now sits on Micron’s board, disclosed the purchase of Micron shares worth about 7.8 million dollars.
In the stat front, Canada's inflation rate is expected to ease to 2.1% year-on-year in December from 2.2% a month earlier.
European indices are trading red, dragged down by auto and luxury stocks. On the other hand, defence stocks outperform.
Asian indices closed mostly down. Regarding stats, China's gross domestic product grew 4.5% year-on-year in the fourth quarter, compared with 4.6% expected. Separately, Japan's machinery orders dropped 11.0% month-on-month in November, compared with -4.0% estimated.
WTI crude oil futures trade slightly lower.
Gold and silver both hit new all-time highs on safe-haven assets rally.
On the other hand Bitcoin loses ground on risk-off market.
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No major corporate news as U.S. stocks indexes are closed for the Martin Luther King Jr. Day holiday.
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No major earnings expected
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On Friday, the S&P/TSX Composite Index rose 0.04% to close at a record high of 33,041 points, but the S&P/TSX 60 Index closed lower at 1,924 points, down 0.06%
Barrick Mining (ABX)'s, a gold producer, target price was raised to 64 dollars from 55 dollars at Jefferies.
Bombardier (BBD/B)'s, a global leader in aviation, target price was raised to 278 dollars from 203 dollars at TD Cowen.
Mullen Group (MTL), one of the leading suppliers of trucking and logistics services in Canada, plans to achieve consolidated revenues of 2.3 billion dollars to 2.4 billion dollars in 2026, compared to around 2.1 billion dollars the company expects in 2025.
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