Futures for Canada's commodity-heavy stock index rose on Tuesday as crude prices climbed, while investors awaited consumer price data that is likely to indicate weaker inflation.
The TSX was in the green 30.23 points to conclude Monday at 20,390.33.
March futures on the S&P/TSX index gained 0.2% Tuesday morning, setting it on course for an eighth-straight upward day.
The Canadian dollar sank 0.10 cents to 74.54 cents U.S.
Among company news, Fortuna Silver Mines reported annual production update for 2022 and its outlook for 2023.
Gold miner Barrick Gold Corp said its fourth-quarter production rose 13.4% sequentially, helped by strong performance at Cortez, Carlin and Tongon mines.
It’s a busy day ahead on the economic calendar: the Consumer Price Index rose 6.3% on a year-over-year basis in December, following a 6.8% increase in November. On a seasonally adjusted monthly basis, the CPI fell 0.1% in December.
Also, Canadian acquisitions of foreign securities totalled $14.1 billion in November, the largest investment since April. Meanwhile, non-resident investors purchased $12.8 billion of Canadian securities, up from a $9.1 billion investment in October.
CMHC said the standalone monthly Seasonally Adjusted Annual Rate (SAAR) of total housing starts for all areas in Canada declined 5% in December (248,625 units) compared to November (263,022 units) according to Canada Mortgage and Housing Corporation (CMHC). The SAAR of total urban starts also declined 5%, with 227,708 units recorded in December. Multi-unit urban starts decreased 4% to 182,850 units, while single-detached urban starts fell 11% to 44,858 units.
ON BAYSTREET
The TSX Venture Exchange gained 5.64 points to close Monday at 620.75.
ON WALLSTREET
Stock futures traded lower Tuesday as investors attempted to keep building on early 2023 momentum and weighed the latest earnings results.
Futures for the Dow Jones Industrials dropped 106 points, or 0.3%, early Tuesday to 34,105.
Futures for the S&P 500 fell 6.5 points, or 0.2%, to 4,011.75.
Futures for the NASDAQ Composite settled 33 points, or 0.3%, to 11,575.
Markets were shuttered in the States Monday for Martin Luther King Day.
Goldman Sachs reported a smaller-than-expected profit for the fourth quarter, sending the stock down more than 2% in the premarket. The bank’s results were pressured by declines in investment banking and asset management revenues. Meanwhile, rival Morgan Stanley posted better-than-expected numbers thank in part to record wealth management revenue.
Those results come after other major banks such as JPMorgan and Citigroup reported mixed quarterly results.
Year-to-date, the NASDAQ is leading the way up 5.9%, as investors bought beat-up technology shares amid rising hopes of an improving landscape for growth stocks. The S&P 500 has surged 4.2% and Dow has advanced 3.5%since the start of the year.
In Japan, the Nikkei 225 galloped 1.2% Tuesday, while in Hong Kong, the Hang Seng Index dipped 0.8%.
Oil prices gained 42 cents to $80.28 U.S. a barrel.
Gold prices slipped $6.80 to $1,914.90 U.S. an ounce.
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