Futures for Canada's main stock index rose on Monday, tracking gains in global stocks as investor sentiment was optimistic ahead of a slew of domestic economic data and the Federal Reserve's rate decision later this week despite the conflict in the Middle East.
The TSX Composite dumped 137.92 points to conclude Friday at 18,737.39, for a loss on the week of 378 points, or 1.98%.
December futures were up 0.8% early Monday.
The Canadian dollar took on 0.15 cents to 72.27 cents U.S.
Materials stocks are likely to get a boost as most non-ferrous metal prices rose with stimulus measures from top consumer China boosting sentiment, with low inventories and solid demand further supporting copper prices.
Energy shares, however, may witness a decline after oil prices slipped more than 1% as concerns eased about the Israel-Hamas war affecting supply from the region.
Air Canada reported a quarterly profit compared with a year-ago loss as the carrier benefited from strong demand for international travel.
TC Energy is exploring a multi-billion-dollar asset sale plan to lower its debt and fund new investments, Bloomberg News reported on Friday.
ON BAYSTREET
The TSX Venture Exchange gained 4.41 points to 520.51. On the week, though, the index let go of 0.23 points, or 0.04%.
ON WALLSTREET
U.S. stock futures rose on Monday as traders braced for a big week filled with a Federal Reserve rate decision, jobs report and Apple’s earnings report.
Futures for the Dow Jones Industrials rocketed 181 points, or 0.6%, to 32,686.
Futures for the S&P 500 gained 21.5 points, or 0.5%, at 4,159.25.
Futures for the NASDAQ hiked 81.5 points, or 0.6%, to 14,346.75.
The 30-stock index got a boost from McDonald’s shares. The fast food giant gained 2% in the premarket after reporting third-quarter results that topped analyst expectations as price hikes bolstered U.S. same-store sales.
SoFi Technologies shares popped more than 5% after the financial services company posted a strong third-quarter revenue beat and raised its full-year outlook.
The moves come after the S&P 500 fell into correction territory last week. The broader index shed 2.5% for the week to put it down by 10.6% from its 2023 high. It’s off 4% for October, on pace for its third-straight negative month which would be its first such streak since 2020 as the pandemic struck.
In Japan, the Nikkei 225 dumped 1% Monday, while in Hong Kong, the Hang Seng gained nearly eight points.
Oil prices ditched $1.57 to $83.97 U.S. a barrel.
Gold prices zoomed $7.90 to $2,006.40 U.S. an ounce.
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