Futures for Canada's main stock index edged lower on Monday, setting the TSX up to snap a three-session winning streak, as commodity prices weakened after top-consumer China set a modest growth target for the year.
The TSX jumped 244.37 points, or 1.2%, to end Friday at 20,581.58. On the week, the increase was 362 points, or 1.8%.
March futures on the S&P/TSX index scaled back 0.3% Monday morning.
The Canadian dollar dipped 0.11 cents to 73.38 cents U.S.
In company news, Panamanian President Laurentino Cortizo said late on Friday talks between his government and Canada's First Quantum Minerals over the operation of a major copper mine were in the final stretch, with only one point still to be resolved.
On the economic calendar, the IVEY PMI report is available (around 10 a.m. EST) for February.
ON BAYSTREET
The TSX Venture Exchange screamed higher 10.97 points, or 1.7%, Friday to 642.98, for growth on the week of 26 points, or 4.2%.
ON WALLSTREET
U.S. stock futures were flat Monday as Wall Street looked ahead to a week filled with economic data and the latest commentary from the Federal Reserve.
Futures for the Dow Jones Industrials sank 43 points, or 0.1%, early Monday to 33,371.
Futures for the S&P 500 gave back 3.75 points, or 0.1%, to 4,046.
Futures for the NASDAQ Composite slid 5.25 points to 12,306.
Traders are coming off a positive week for the major averages. The Dow industrials added 1.8% last week, ending a four-week losing streak. The S&P 500 advanced 1.9%, while the NASDAQ capped the week with a 2.6% pop.
Important catalysts this week include congressional testimony Tuesday and Wednesday from Fed Chair Jerome Powell, who will guide investors and lawmakers on how the central bank is thinking about inflation and its rate-hiking campaign going forward.
Traders are also anticipating the February jobs report on Friday, which follows January’s blockbuster report that showed the economy added 517,000 payrolls. Economists polled by Dow Jones are expecting 225,000 jobs added last month.
On Monday, the latest factory orders data will also be released after the bell. Economists are expecting a decline of 1.8% in January, according to consensus estimates from Dow Jones. That’s compared to a 1.8% gain in the prior reading.
In Japan, the Nikkei 225 index jumped 1.1%, while in Hong Kong, the Hang Seng gained 0.2%.
Oil prices shed $1.21 to $78.47 U.S. a barrel.
Gold prices advanced $1.30 to $1,855.90 U.S. an ounce.
Related Stories
