Futures tied to Canada's resource-heavy main stock index rose on Thursday as crude and gold prices surged, while investors awaited Canadian retail sales data that will offer a glimpse into domestic consumer spending patterns.
The TSX surged 94.16 points to greet the closing bell Wednesday at 29,982.98.
December futures poked ahead 0.2% Thursday.
The energy sector took center stage after oil prices, soared over 4% following the United States' decision to impose sanctions on Russian oil giants Rosneft and Lukoil over the ongoing Ukraine conflict.
Simultaneously, gold prices rebounded as heightened geopolitical tensions, fueled by U.S. sanctions against Russia and potential new export controls targeting China, bolstered demand for safe-haven assets.
In corporate news, oil and gas drilling firm Precision Drilling swung to net loss in the third quarter due to higher tax expenses related to U.S. operations.
Macroeconomic news from Thursday features August retail trade from Statistics Canada. Sales hiked 1.0% to $70.4 billion in August. Sales were up in six of nine subsectors and were led by increases at motor vehicle and parts dealers.
ON BAYSTREET
The TSX Venture Exchange dug itself out of a hole Wednesday afternoon, coming to within 3.36 points of breakeven to 947.69.
ON WALLSTREET
Stock futures pulled back for another day on Thursday as investors a slew of digested quarterly earnings releases, including those from Tesla and IBM.
Futures for the Dow Jones Industrials let go of 87 points, or 0.2%, to 46,694.
Futures for the S&P 500 dipped 7.25 points, or 0.1%, to 6,729.75.
Futures for the NASDAQ fell 43.5 points, or 0.2%, to 24,995.75.
Tesla, which kicked off reports from the “Magnificent Seven” megacap tech group, saw shares dip 3% on the back of mixed third-quarter results. IBM shed about 6% after the tech company beat Wall Street estimates but reported in-line software revenue.
Meanwhile, oil prices rose Thursday after the Trump administration imposed additional sanctions on Russia’s two biggest crude companies due to the country’s “lack of serious commitment to a peace process to end the war in Ukraine.”
Investors continue to watch earnings releases from the biggest U.S. companies, which many believe could be make-or-break for the current bull market rally. More than three-quarters of S&P 500 companies reporting so far have exceeded earnings expectations.
Trade is also in focus. President Donald Trump said Wednesday evening that his upcoming meeting with Chinese President Xi Jinping is “scheduled,” easing some fears about U.S.-China relations that had put markets under pressure on Wednesday.
In Japan, the Nikkei 225 stumbled 1.9% Thursday, while in Hong Kong, the Hang Seng -moved ahead 0.7%.
Oil prices strengthened $3.41 to $61.91 U.S. a barrel.
Gold prices brightened $65.40 to $4,130.80 U.S. per ounce.
