Futures for Canada's main stock index were flat on Monday, as gains in bullion were offset by weakness in crude prices, while the Bank of Canada is expected to renew its monetary policy framework later in the day.
The S&P/TSX Composite sank 34.87 points to close Friday at 20,890.62. Still, the index gained 257.3 points on the week, or 1.25%
Futures were flat Monday.
The Canadian dollar doffed 0.23 cents to 78.37 cents U.S. early Monday.
Hydro One said on Sunday more than 450,000 customers experienced power outages due to a wind storm, with about 115,000 customers still without power.
In the aftermath of disastrous floods last month that cut off Canada's main port, Ottawa will convene a summit of industry figures and shippers to discuss strengthening supply chains, a government source said on Sunday.
Investors await the speech by the Bank of Canada Governor Tiff Macklem and Finance Minister Chrystia Freeland due at 10:00 a.m. EST.
The central bank is expected to renew its monetary policy framework on Monday, leaving its inflation target unchanged at 2% as concerns about the cost of living rises and the COVID-19 outlook remains uncertain.
ON BAYSTREET
The TSX Venture Exchange fell back 1.16 points to 908.88, but posted a weekly gain of 11.8 points, or 1.3%.
ON WALLSTREET
S&P 500 futures rose early Monday after the index notched its best week since February at a fresh record close, rebounding from a big selloff triggered by fears of the omicron coronavirus variant.
Futures for the Dow Jones Industrials gained two points to 35,877.
Futures for the S&P 500 picked up 8.5 points, or 0.2%, to 4,712.
Futures for the NASDAQ hiked 62.5 points, or 0.4%, to 16,394.
Moderna shares were among the strongest gainers premarket Monday, rising 2.4% a day after the White House’s top infectious disease expert Dr. Anthony Fauci called COVID booster shots “optimal care,” but said the definition of fully vaccinated would not change.
As of Sunday, the U.S. was approaching 800,000 coronavirus-related deaths. The new variant has pushed some government officials to reinstate health restrictions to slow the spread.
Elsewhere, Apple moved closer in its quest to become the market’s first $3-trillion company, gaining 1% pre-market following an upgrade from JP Morgan.
Also, chipmaker Nvidia, which has become a signature reopening trade, was up 1.7% on optimism that omicron would not be as disruptive as initially thought.
Overseas, markets in Japan jumped 0.7% Monday, while the Hang Seng in Hong Kong tailed off 0.2%.
Oil prices gave back 78 cents to $70.89 U.S. a barrel.
Gold prices gained six dollars to $1,790.80 U.S. an ounce.
