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Stocks Set for Winning Monday

Barrick in Focus

Canada's main stock index was set for a positive start to the week on Monday after miner Barrick Gold reported a quarterly profit that beat analysts' estimates.

The TSX moved ahead 43.09 points to close out Friday and the week at 19,620.13. Still, the index sustained a weekly loss of 72 points, or 3.7%.

September futures for the TSX climbed 0.4% Monday.

The Canadian dollar grabbed 0.42 cents to 77.60 cents U.S.

Barrick posted higher copper output for the quarter, even as inflation drove the miner's cost of production up.


The TSX Venture Exchange regained 4.09 points to 664.17, for a weekly gain of 18 points, or 2.8%.

Stock futures rose on Monday morning, following the S&P 500's third straight weekly gain, as investors shifted focus to a key inflation report this week.

Futures for the Dow Jones Industrials jumped 151 points, or 0.5%, early Monday to 32,908.

Futures for the S&P 500 gained 23.25 points, or 0.6%, to 4,170.

Futures for the NASDAQ Composite advanced 93 points, or 0.7%at 13,321.75.

Monday’s gain follows a weekly rise for the S&P 500 and the NASDAQ Composite as a surprisingly strong monthly jobs report eased some recession fears. The resilient labour market also signaled that the economy could withstand more rate hikes from the Federal Reserve.

Some clean energy related shares gained after the Senate passed a $430-billion climate bill, the Inflation Reduction Act, which is expected to be passed by the House later this week.

A new reading for the consumer price index, slated for release Wednesday, will give investors more clarification about the central bank’s next move at its policy meeting in September.

Traders are now pricing in a higher likelihood of a 0.75-percentage-point hike next month, which would be the third straight increase of that magnitude.

Headline CPI, which includes energy and food, is expected to dip to 8.7% in July, from a 40-year high of 9.1% in June, according to Dow Jones estimates.

In Japan, the Nikkei 225 tacked on 0.3% Monday. In Hong Kong the Hang Seng dropped 0.8%

Oil prices fell 65 cents to $88.35 U.S. a barrel.

Gold prices gained nine dollars to $1,800.20 U.S. an ounce.