Futures for Canada's main stock index were flat on Monday, with investors on the sidelines as they brace for a week of key interest rate decisions from major central banks, including the U.S. Federal Reserve.
The TSX descended into the red 22.12 points to close Friday at 19,947.07. On the week, the index retreated 539 points, or 2.63%.
December futures on the S&P/TSX index was steady Monday morning.
The Canadian dollar dipped 0.37 cents to 73.18 cents U.S.
TC Energy said on Sunday it has not yet determined the cause of the Keystone oil pipeline leak last week in the United States, while also not giving a timeline as to when the pipeline will resume operation.
On the research front, TD Securities cut rating for Roots Corporation to "hold" from "buy".
The latest U.S. inflation reading will be the final pit-stop before the Fed's interest rate decision on Wednesday, where the central bank is expected to deliver a half-percentage-point rate hike.
The European Central Bank and the Bank of England are also expected to raise rates by 50 basis points this week.
ON BAYSTREET
The TSX Venture Exchange handed back 4.12 points Friday to 577.62, for a loss on the week of 21 points, or 3.6%.
ON WALLSTREET
U.S. stock futures were fractionally higher early Monday ahead of a week with several anticipated events in the ongoing fight against inflation.
Futures for the Dow Jones Industrials took on 54 points, or 0.2%, early Monday to 33,795.
Futures for the S&P 500 gained 10.25 points, or 0.3%, to 3,978.50.
Futures for the NASDAQ Composite moved forward 35 points, or 0.3%, to 11,718.
Coupa Software shares were halted for news pending after Bloomberg News reported Sunday that the company was in advanced talks to be acquired by private equity firm Thoma Bravo.
Coupa was up 21% when it was halted.
Horizon Therapeutics shares rallied 15% in the pre-market after the company announced it will be acquired by Amgen for $116.50 per share, valuing the company at more than $27 billion on a fully diluted basis.
U.S. tech giant Microsoft on Monday announced a 10-year partnership with the London Stock Exchange Group and took a near 4% stake in the U.K. bourse operator.
The move in futures comes as investors will be focused on inflation this week. On Tuesday, the November consumer price index will be released, and traders will be looking for a sign that inflation is slowing.
The Federal Reserve has a two-day meeting starting the same day. The central bank is expected to announce another rate hike on Wednesday, though traders are anticipating a smaller move than in recent months.
Wall Street is coming off a rocky week that saw all three major averages lose ground. The Dow fell 2.8% for its worst week since September. The S&P 500 dropped 3.4%, while the Nasdaq Composite shed 4%.
In Japan, the Nikkei 225 retreated 0.2% Monday, while in Hong Kong, the Hang Seng Index sank 2.2%.
Oil prices slid 56 cents to $70.46 U.S. a barrel.
Gold prices faltered $5.30 to $1,805.40 U.S. an ounce.
