Futures for Canada's resources-heavy main stock index edged higher on Monday as firm commodity prices offered support, while all eyes were on the Bank of Canada's interest rate decision expected later in the week.
The TSX regained 161.77 points to close Friday and the week at 20,503.21, for a gain on the week of 143 points, or 0.7%.
March futures on the S&P/TSX index raced 0.7% Monday morning.
The Canadian dollar demurred 0.03 cents to 74.76 cents U.S.
In individual company news, the Wall Street Journal reported Ritchie Bros Auctioneers will increase cash payout for IAA Inc. shareholders to $12.80 per share from $10 as part of the deal to buy the U.S.-based company.
On the economic calendar, Statistics Canada’s new housing price index for December was unchanged in December following three months of declines. New house prices were unchanged in 19 of the 27 census metropolitan areas surveyed, down in six and up in the remaining two.
ON BAYSTREET
The TSX Venture Exchange picked up 7.9 points, or 1.3%, Friday to 623.81, for a gain on the week of 8.7 points, or 1.4%.
ON WALLSTREET
Stock futures were little changed Monday as investors weighed a potential slowdown, or pause, from the Federal Reserve and braced for a busy earnings week.
Futures for the Dow Jones Industrials advanced 18 points, or 0.1% early Monday to 33,492.
Futures for the S&P 500 eked up 0.5 points to 3,989.
Futures for the NASDAQ Composite jumped 9.25 points, or 0.1%, to 11,686.25.
On Friday, the major averages rallied to finish the week after briefly losing the momentum of the January rally. The NASDAQ posted a slight gain for the week. However, the Dow and S&P each logged losing own weeks. All of the major averages remain in the green for the month. The NASDAQ is leading the others with a 6.44% year-to-date gain.
Investors have been weighing the possibility that the Fed is getting ready to slow the pace of its inflation-fighting rate hikes after economic data last week showed a decline in wholesale prices and retail sales.
Markets have priced in a 99.7% chance of a 25-basis point hike, according to CME Group data, which would bring the interest rate to a targeted range of 4.5%-4.75%.
In Japan, the Nikkei 225 advanced 1.3% Monday, while in Hong Kong, markets were closed for the Lunar New Year.
Oil prices acquired 67 cents to $82.31 U.S. a barrel.
Gold prices dipped 50 cents to $1,927.70 U.S. an ounce.
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