US pre-open: Futures edge higher as gold and oil advance in wake of Paris attacks

US stock futures edged slightly higher on Monday, with Wall Street seemingly unperturbed by the choppy session experienced by equities across the world in the wake of the attacks in Paris.

The Dow Jones Industrial Average is set to open up approximately 19 points, while the S&P 500 and the Nasdaq are expected to begin the first session of the week three and six points higher respectively.

European equities reversed early losses to gain ground thanks to commodity-related stocks, while Asian stocks began the week on a downbeat note, as Japan slipped into recession for the second time in two years.

“Just like people, markets have proven surprisingly resilient, rallying throughout the morning,” said IG’s market analyst Joshua Mahony.

“While the total human impact is immeasurable, the economic shockwaves to the French economy could include reduced investment, consumer spending and confidence for an economy that is already under pressure.”

Gold and oil gain

Gold futures rallied 0.72% to $1,091.76, while the dollar was on the front foot against the main currencies. The greenback gained 0.57% and 0.28% against the yen and the euro respectively and rose 0.15% against the pound.

Meanwhile, oil prices advanced, with West Texas Intermediate rising 1.74% to $41.46 a barrel, while Brent gained 1.22% to $45.02 a barrel.

The economic calendar is relatively quiet on Monday, with the only notable release being a November reading for the Empire State Manufacturing Survey, which is due out at 1330 GMT.

“The past three months have seen double-digit negatives for the manufacturing index,” said Spreadex’s financial analyst Connor Campbell.

“However, if it can shrink to an expected -5.3 from the -11.4 posted in October the Fed can arguably add the number to its growing file of hawkish facts and figures it is compiling ahead of December’s meeting.”

In company news, travel-related stocks were under pressure following the attacks in Paris, with cruise operator Carnival and Delta Airlines losing 1.96% and 1.98% respectively ahead of the bell.

Drilling services provider Transocean gained 1.83% as oil prices advanced, while Perrigo rose 2.61% as it sought to recoup some of the losses incurred on Friday, after it emerged that Mylan’s attempted takeover of the pharmaceutical group had failed.

Hotel operator Marriott International rose 1.73% ahead of the bell after it agreed to buy rival Starwood Hotels & Resorts for $12.2bn in a deal that will create the world’s largest hotel company.

The earnings season continues, with Urban Outfitters and Agilent Technologies set to report after the closing bell.