Futures for Canada's main stock index rose on Monday supported by a jump in oil prices after data showed a rebound in the world's second and third largest economies, China and Japan, as well as hopes for a COVID-19 vaccine.
The TSX recovered 93.46 points to close Friday at 16,675.64. On the week, the index vaulted 392 points, or 2.41%.
The Canadian dollar strengthened 0.29 cents Monday at 76.47 cents U.S.
December futures gained 0.8% Monday.
In the economic docket, Statistics Canada reported manufacturing sales Manufacturing sales rebounded in September, rising 1.5% to $53.8 billion on higher sales of wood and chemical products.
The agency added the increase brought manufacturing sales to within 3.6% of their higher pre-pandemic levels in February.
The Canadian Real Estate Association was set to release said home sales figures for October Monday morning.
ON BAYSTREET
The TSX Venture Exchange gained 5.27 points Friday to 736.41, for a loss on the week of nearly six points, or 0.8%.
ON WALLSTREET
U.S. stock futures jumped Monday after Moderna said preliminary trial data showed its coronavirus vaccine was more than 94% effective.
Futures for the Dow Jones Industrials hiked 481 points, or 1.6%, to 29,891.
Futures for the S&P 500 took on 37.25 points, or 1%, at 3,619.25.
Futures for the NASDAQ Composite docked 19.25 points, or 0.2%, to 11,914.25.
The promising announcement makes the Massachusetts-based biotech firm the second drug maker to say it has a potentially effective vaccine.
Similar trial results last week from Pfizer and BioNTech drove investors into underperforming names dependent on a vaccine reopening the economy. The companies said at the time that their candidate was more than 90% effective in preventing Covid-19 among participants.
The Dow is just about 72 points shy of a record close. Last week, the Dow climbed 4% for its second-straight positive week. The S&P 500 posted a record closing high on Friday and notched a one-week gain of 2.2%. The NASDAQ lagged, however, sliding 0.6%.
The news sparked hope for an economic recovery, thus making travel stocks such as United Airlines and Carnival more attractive. United and Carnival advanced 12.4%, while Carnival rallied 15.9% last week.
United was up another 6% in pre-market trading Monday, while Carnival was up another 7%.
Traders were also excited after Moderna said its vaccine remains stable at 36 to 46 degrees Fahrenheit, the temperature of a standard home or medical refrigerator, for up to 30 days. It can be stored for up to six months at negative four degrees Fahrenheit.
By comparison, Pfizer’s vaccine requires a storage temperature of minus 94 degrees Fahrenheit.
To be sure, the number of coronavirus cases are still rising, thus threatening the prospects of a swift economic recovery.
More than 11 million Covid-19 infections have been confirmed in the U.S., according to data from Johns Hopkins University. Data from the COVID Tracking Project also showed that a record of more than 68,500 people in the U.S. are currently hospitalized with the coronavirus.
Overseas, in Japan, the Nikkei 225 index sprinted 2.1% Monday, while in Hong Kong, the Hang Seng index heightened 0.9%.
Oil prices climbed $1.71 to $41.84 U.S. a barrel.
Gold prices slumbered $10.80 to $1,875.40 U.S.
