Futures for stocks in Canada’s largest market edged lower on Tuesday as a fall in copper prices is likely to weigh on the resource-heavy stock index, while investors remained cautious ahead of domestic inflation data for clues on the central bank's interest rate path.
The TSX Composite sprinted 157.94 points to greet Monday’s closing bell at 19,620.80.
December futures docked 0.3% early Tuesday.
The Canadian dollar skidded 0.1 cents to 73.34 cents U.S.
In corporate news, Brookfield, through its affiliate Brookfield Reinsurance, is considering entering Britain's pension insurance industry and is open to an acquisition.
It’s a busy economic calendar Tuesday, with the consumer price index rose 3.8% on a year-over-year basis in September, following a 4.0% increase in August. On a seasonally adjusted monthly basis, the CPI rose 0.2% in September. Statistics Canada also says Canadian investors acquired $14.9 billion of foreign securities in August, the largest investment since April 2022. Meanwhile, non-resident investors reduced their exposure to Canadian securities by $8.5 billion, the first divestment since March 2023.
Lastly, August new motor vehicle sales totaled 158,500, compared to 147,400 in the prior-year month.
ON BAYSTREET
The TSX Venture Exchange moved ahead 4.25 points to conclude Monday at 533.38.
ON WALLSTREET
U.S. stock futures slid on Tuesday as the third-quarter earnings season gained momentum.
Futures for the Dow Jones Industrials fell 54 points, or 0.2%, to 34,080.
Futures for the S&P 500 deleted 10.5 points, or 0.2%, at 4,390.50.
Futures for the NASDAQ slumped 47.75 points, or 0.3%, to 15,241.75.
Johnson & Johnson rose more than 1% before the bell after reporting better-than-expected adjusted earnings and revenue for the third quarter, boosted by strong medical technology and pharmaceutical sales. Bank of America’s results also exceeded analyst expectations, pushing the stock up 1% in premarket trading.
Several financial names kicked off earnings season to a strong start, including Charles Schwab on Monday and JPMorgan Chase on Friday.
This has helped improve market sentiment amid concerns surrounding the Israel-Hamas war. The conflict in the Middle East has sparked concerns that tensions in the region may escalate to some of the biggest oil producers, notably Iran.
In addition to Tuesday’s earnings reports, Wall Street will also be keeping an eye out for fresh economic data. Retail sales and industrial production data for September will be released before the bell. October’s housing market index and business leaders survey numbers are also scheduled to be announced Tuesday morning.
In Japan, the Nikkei 225 picked up 1.2% Tuesday, while in Hong Kong, the Hang Seng prospered 0.8%.
Oil prices eked up 30 cents $86.96 U.S. a barrel.
Gold prices brightened $2.50 to $1,936.80 U.S. an ounce.
Related Stories
