Futures for Canada's main resource-heavy stock index edged lower on Monday, tracking weakness in commodity prices, while investors awaited U.S. Federal Reserve's interest rate decision due later in the week.
The TSX faltered 50.64 points to end Friday at 19,892.06, for a loss on the week of 132 points, or 0.66%.
June futures on the S&P/TSX index were down 0.1% Monday morning.
The Canadian dollar inched up 0.05 cents to 75.03 cents U.S.
Global miner Glencore offered Teck Resources to buy its steelmaking coal business as a standalone unit, after the Canadian miner twice rebuffed its $22.5 billon offer to combine the two companies.
ON BAYSTREET
The TSX Venture Exchange slipped 1.36 points to 610.32, but managed to hold out for a gain on the week of 1.24 points, or 0.2%.
ON WALLSTREET
Stock futures rose Monday as traders looked ahead to the latest inflation data and the Federal Reserve policy meeting this week.
Futures for the Dow Jones Industrials acquired 23 points, or 0.1%, to 34,226.
Futures for the S&P 500 gained 9.75 points, or 0.2%, to 4,358.50.
Futures for the NASDAQ Composite leaped 68.5 points, or 0.5%, to 14,804.25.
The market is coming off a positive week, with the S&P 500 posting its fourth straight weekly gain and brushing its highest point since August.
Many investors point to the lack of participation outside of some mega-cap tech stocks as a reason to distrust the recent stock market rally. However, signs of easing inflation have some investors hoping the momentum can continue.
Investors will receive fresh inflation data Tuesday in the form of the latest consumer price index report. On Wednesday, the Fed will issue its latest monetary policy decision. Experts say the likelihood that the Fed will pause rate hikes in its June meeting currently stands at about 70%.
UBS shares rose 1.1% after the Swiss bank said it had completed the takeover of its former domestic rival Credit Suisse.
The deal was hastily arranged in March, facilitated by regulators, amid concerns that severe losses at Credit Suisse would destabilize the banking system.
The Swiss government has agreed to cover losses of up to nine billion Swiss francs ($10 billion U.S.) beyond an initial five billion Swiss francs UBS must shoulder as part of the deal, as it absorbs the more risk-heavy business.
In Japan, the Nikkei 225 gained 0.5% Monday, while in Hong Kong, the Hang Seng index eked up 0.1%.
Oil prices sank $1.51 to $68.66 U.S. a barrel.
Gold prices were shinier $1.70 to $1,978.50. U.S. an ounce.
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