Futures for Canada's main stock index kick-start the week on a higher note, as a rise in prices of copper and oil are expected to boost commodity-linked stocks, while hopes that the U.S. and Canadian central banks will not hike interest rates any further lifted investor sentiment.
The TSX Composite gained 198.5 points, or 1%, to end a recovery week at 19,824.85. On that week, the index gained 1,087 points, or 5.8%.
December futures picked up 0.2% early Monday.
The Canadian dollar poked ahead 0.06 cents at 73.25 cents U.S.
Later this morning (about 10 a.m. EST), the IVEY PMI is to be released for October.
ON BAYSTREET
The TSX Venture Exchange gained 5.31 points, or 1%, Friday to 525.25. On the week, the gain was 4.7 points, or 0.9%.
ON WALLSTREET
U.S. equity futures were slightly higher on Monday after the major averages capped their best week of the year.
Futures for the Dow Jones Industrials increased 16 points, or 0.1%, to 34,153.
Futures for the S&P 500 added 5.75 points, or 0.1%, at 4,381.75.
Futures for the NASDAQ grabbed 17.25 points, or 0.1%, to 15,196.
All of the major averages were coming off their best weeks of the year so far, also striking a positive chord to begin November trading. The Dow ended last week up by 5.07% for its biggest weekly advance since October 2022. The S&P advanced 5.85% in that time, and the NASDAQ jumped 6.6%. It was the best week since November 2022 for both indexes.
Earnings season is winding down, with 400 S&P 500 companies having already reported their quarterly financial results. Investors this week are still looking forward to updates this week from Walt Disney, Wynn and MGM Resorts, Occidental Petroleum and D.R. Horton.
Meanwhile, traders will also be watching Federal Reserve Chair Jerome Powell, who is scheduled to speak twice in the coming days. Last week the central bank kept rates unchanged for a second straight meeting as bond yields tumbled, and investors are hoping its rate-hiking campaign may be over.
In Japan, markets returned to work Monday with gains of 2.4%, while in Hong Kong, the Hang Seng triumphed 1.7%.
Oil prices took on $1.20 to $81.71 U.S. a barrel.
Gold prices sank $7.20 to $1,992 U.S. an ounce.
