(UPDATES WITH CREA INFORMATION FOR OCTOBER)
Futures for Canada's stock index rose on Tuesday on stronger gold prices and hopes of easing U.S.-China tensions, while investors kept an eye out for key economic data from the world's largest economy.
The TSX Composite shrank 189.7 points to conclude Monday trading at 19,921.81
December futures on the S&P/TSX index hiked 0.6%.
Among other news, Canadian crypto exchange Bitvo terminated its deal to be bought by FTX, which filed for bankruptcy last week.
On the economic slate, motor vehicle sales checked in at 130,421 units, down 4.5% from the 136,584 units sold in September 2021, and the lowest for September sales since 2009.
September’s wholesale trade rose 0.1% to $81.8 billion in September. The largest increases came from personal and household goods and food, beverage and tobacco subsectors
The Canadian Real Estate Association reported national home sales were up 1.3% on a month-over-month basis in October. Actual (not seasonally adjusted) monthly activity came in 36% below October 2021. CREA also said the number of newly listed properties edged up 2.2% month-over-month.
Lastly, Statistics Canada reported manufacturing sales were unchanged in September as higher sales in the aerospace product and parts and primary metal industries were largely offset by lower sales in the petroleum and coal and food industries.
ON BAYSTREET
The TSX Venture Exchange gained 1.94 points to 601.75.
ON WALLSTREET
Stock futures rose Tuesday as traders looked ahead to the release of more key U.S. inflation data.
Futures for the Dow Jones Industrials accelerated 394 points, or 1.2%, to 33,955.
Futures for the S&P 500 leaped 78.25 points, or 2%, to 4,044.25.
Futures for the NASDAQ Composite jumped 363.5 points, or 3.1%, to 12,098.25.
Walmart shares jumped in pre-market trading after the company beat Wall Street earnings and revenue estimates and boosted full-year guidance. Home Depot reported strong results too but kept guidance in place for the full year. Its shares dipped slightly.
Elsewhere, Taiwan Semiconductor, Louisiana-Pacific and Paramount jumped after regulatory filings showed that Warren Buffett’s Berkshire Hathaway had bought new positions in the first two, and raised its stake in the last.
Earnings season continues this week with retail reports from Target, Lowe’s, Bath and Body Works, Macy’s, Kohl’s and Foot Locker on deck.
The producer price index, which measures wholesale inflation, was set for release at 8:30 a.m. ET. The report comes after the latest consumer price index data showed signs of inflationary pressure abating last month, thus sparking a sharp rally to end trading last week.
In Japan, the Nikkei 225 inched up 0.1% Tuesday, while in Hong Kong, the Hang Seng Index galloped 4.1%.
Oil prices dropped 39 cents to $85.48 U.S. a barrel.
Gold prices were up $11.10 to $1,788 U.S. an ounce.
