Futures for Canada's main stock index rose on Monday, tracking the recovery in global peers after sharp losses last week, although a drop in crude oil prices kept a lid on gains on the commodity heavy bourse.
The TSX acquired 31 points, to conclude Friday at 20,219.19. On the week, though, different story, as the index lost 295 points, or 1.44%.
March futures on the S&P/TSX index climbed 0.3% Monday morning.
The Canadian dollar inched up 0.03 cents to 73.56 cents U.S.
Among single stocks, auto parts provider LKQ said it would buy Uni-Select in an all-cash deal of about $2.8 billion.
Africa Oil and MEG Energy are expected to report fourth-quarterly results after the session
ON BAYSTREET
The TSX Venture Exchange dipped 3.57 points, Friday, to 616.86, for a dip on the week of nearly 11 points, or 1.74%.
ON WALLSTREET
U.S. equity futures rose Monday, as traders tried to recover some ground following the worst week of the year on Wall Street. Investors also looked ahead to another big week in retail earnings.
Futures for the Dow Jones Industrials climbed 141 points, or 0.4%, early Monday to 32,968.
Futures for the S&P 500 gained 19.5 points, or 0.5%, to 3,995.25.
Futures for the NASDAQ Composite jumped 71.75 points, or 0.6%, to 12,068.75.
The major averages Friday ended the day lower and posted their biggest weekly declines for 2023. The Dow finished lower by 3%, its fourth down week in a row. The S&P 500 lost 2.7% and the NASDAQ fell 3.3% for the week.
In the week ahead, investors will be looking for clues about how inflation is affecting consumers and businesses amid a handful of economic data reports and corporate earnings. Durable goods orders are due out Monday morning. Consumer confidence and the ISM manufacturing survey are also on deck in the coming week.
In earnings, just 6% of the S&P 500 will report but investors are looking for insight into the consumer with several major retailers, restaurants, some travel and entertainment names as well as food companies set to report. Target, Costco, Lowe’s and Macy’s are some of the big names set to report earnings this week.
In Japan, the Nikkei 225 index sank 0.1%, while in Hong Kong, the Hang Seng dipped 0.3%.
Oil prices dwindled 22 cents to $76.10 U.S. a barrel.
Gold prices gathered two dollars to $1,819.10 U.S. an ounce.
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