Futures for Canada's main stock index grew by leaps and bounds Tuesday as commodity prices rose against a weakening dollar on hopes that the U.S. Federal Reserve may slowdown its pace of interest rate hikes next month.
The TSX Composite listed lower 45.05 points to end Monday at 19,426.14.
December futures shot ahead 1.4% on Tuesday.
The Canadian dollar pumped higher 0.38 cents to 73.84 cents U.S.
As the earnings season unfolds, Thomson Reuters reported higher third-quarter revenue and operating
profit.
Colliers International Group was set to report at 7:00 a.m. ET.
Federal Court Chief Justice Paul Crampton has directed counsel for Rogers Communication, Shaw Communications and the Competition Bureau to convene for a further case management conference on Tuesday.
On the economic slate, the S&P Canada manufacturing index was due for release at 9:30 a.m. EDT Tuesday.
Meantime, all eyes will be on the Fed, which is widely expected to deliver another 75-basis-point rate hike on Wednesday, a week after the Bank of Canada hiked by a smaller-than-expected 50 bps.
ON BAYSTREET
The TSX Venture Exchange dipped 1.6 points Monday to 595.33.
ON WALLSTREET
Stock futures rose Tuesday, the first day of November, as Wall Street tried to build on last month’s sharp gains and looks ahead to a key Federal Reserve decision on rates.
Futures for the Dow Jones Industrials rocketed 217 points, or 0.7%, to 32,992
Futures for the S&P 500 jumped 37.75 points, or 1%, to 3,920.75.
Futures for the NASDAQ Composite popped 142 points, or 1.2%, to 11,589.25.
Some traders pointed to optimism from unconfirmed reports that China could be moving away from its Zero COVID policy as a source for Tuesday’s early gains.
Wall Street on Monday wrapped up a strong month of gains, with the Dow rallying nearly 14% for its biggest monthly advance since January 1976, as investors rotated out of technology and hedged hopes on stalwarts like banks. The S&P 500 took on 8% and NASDAQ added 3.9%.
Earnings season continues Tuesday with Uber, Pfizer and Fox before the bell and Advanced Micro Devices and Airbnb after the close.
Tuesday also brings the start of the Fed’s November meeting, which many market participants expect to result in a 75-basispoint interest rate hike. Many will look to the central bank’s statement and Fed Chair Jerome Powell’s question and answer segment for clues around policymakers’ battle against inflation.
Investors will also be watching for economic releases on Tuesday, including job openings data and construction spending for September, as well as the ISM manufacturing report for October.
In Japan, the Nikkei 225 took 0.3% Tuesday, while in Hong Kong, the Hang Seng Index galloped 5.2%.
Oil prices progressed $1.47 to $88.00 U.S. a barrel.
Gold prices leaped $14.10 to $1,654.80 U.S. an ounce.
