Futures Dip with Energy, Gold

Futures tracking Canada’s main stock index started the month on a dour note on Thursday as crude oil and gold prices extended their recent falls amid concerns of a faster-than-expected decline in economic growth.

The TSX declined 182.09 points to finish Wednesday at 19,330.81

Futures plunged 0.6% Thursday.

Rio Tinto on Thursday reached an in-principle agreement to buy the rest of Turquoise Hill Resources for $3.3 billion.

On the economic front, Statistics Canada reported building permits declined 6.6% in July to $11.2 billion, mainly due to the residential sector, which fell 8.6% to $7.6 billion. The non-residential sector also dropped slightly by 2.1%.

The S&P Global Canada Manufacturing PMI for August was due at 9:30 a.m. EDT.

Meanwhile, federal Conservatives next month look set to embrace as leader Pierre Poilievre, a career politician who has promised to fire the central bank governor and promoted bitcoin as an inflation hedge.

ON … Read more

Stocks Set for Sharp Drop with Commodities

Equities in Canada’s largest centre were set to open lower on Wednesday on weakness in crude and gold prices, with investors awaiting economic growth data that influence the central bank’s rate-hike plans.

The TSX withered 323.22 points, or 1.6%, to close Tuesday at 19,512.90.

Futures were down 0.2% Wednesday.

On the economic front, Statistics Canada reported real gross domestic product rose 0.8% in the second quarter, driven by increased business investment in inventories, non-residential structures, machinery and equipment, and household spending on services and semi-durable goods.

ON BAYSTREET

The TSX Venture Exchange dropped eight points to finish Tuesday at 635.33.

ON WALLSTREET

Stock futures were slightly higher Wednesday after Wall Street’s losing streak stretched into its third day and endangered the market’s recent summer rebound.

Futures for the Dow Jones Industrials fell 41 points, or 0.1%, early Friday to 32,227.

Futures for the S&P 500 dipped 10.75 points, or 0.3%, … Read more