Futures for Canada's resources-heavy main stock index climbed on Tuesday as commodity prices rose, while investors kept a close watch on a key U.S. inflation reading for clues on the path of future interest rate hikes by the Federal Reserve.
The TSX Composite recovered 72.63 points to end Monday at 20,019.70.
December futures on the S&P/TSX index were up 0.2% Tuesday morning.
The Canadian dollar advanced 0.27 cents to 73.38 cents U.S.
Meanwhile, the Bank of Canada is trying to raise rates enough to tame inflation without forcing the economy into a deep recession, Governor Tiff Macklem said on Monday, but the greater risk of the two is sticky inflation, which would require "much higher"
rates.
On the corporate side, TC Energy said it had cleaned up almost 2,600 barrels of oil from the largest U.S. crude spill in nearly a decade, but the timetable to restart the Keystone Pipeline following its rupture last week remained unclear.
Crypto miner Hut 8 Mining appointed a new chief financial officer on Monday after markets closed.
ON BAYSTREET
The TSX Venture Exchange lost 3.73 points Monday to 573.89.
ON WALLSTREET
Stock futures rose Tuesday as Wall Street braced for November’s key inflation report and the beginning of the Federal Reserve December policy meeting.
Futures for the Dow Jones Industrials grabbed 200 points, or 0.6%, early Tuesday to 34,469.
Futures for the S&P 500 jumped 22.5 points, or 0.6%, to 4,047.50.
Futures for the NASDAQ Composite hiked 73.75 points, or 0.6%, to 11,902.50.
Investors are looking ahead to the release of November’s consumer price index report, and hoping for signs of easing inflation. Economists surveyed by Dow Jones expect a 0.3% increase on a monthly basis or an annual pace of 7.3%. That would be a step down from October’s 0.4% monthly increase and annual gain of 7.7%.
Tuesday’s inflation report could play a key role in the Federal Reserve’s next rate-hiking decision expected at the conclusion of its two-day policy meeting on Wednesday.
Oracle gained 3% in the premarket after the business software giant posted top and bottom line beats for its latest quarter. Oracle continues to make significant progress in shifting more of its business to the cloud.
Moderna announced that its experimental melanoma vaccine combined with Merck cancer treatment Keytruda cut the risk of skin cancer recurrence by 44% compared with a treatment of only Keytruda. Moderna rallied 7.5% in the premarket, while Merck gained 1.9%.
In Japan, the Nikkei 225 increased 0.4% Tuesday, while in Hong Kong, the Hang Seng Index jumped 0.7%.
Oil prices spiked 38 cents to $73.55 U.S. a barrel.
Gold prices leaped $6.60 to $1,798.90 U.S. an ounce.
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