Futures on Canada’s resource-heavy main stock index on Monday tracked losses in gold prices amid uncertainty over the pace of interest rate hikes by global central banks and a potential recession.
The TSX tumbled 153.99 points to close Friday and the week at 20,111.38, a loss on the week of 68 points, or 0.3%
September futures for the TSX docked 0.6% on Monday.
The Canadian dollar inched up 0.07 cents to 76.99 cents U.S.
Meanwhile, Australia’s Link Administration Holdings Ltd said its shareholders voted in favour of Dye & Durham’s revised offer of A$4.81 per share, that valued the share registry company at A$2.47 billion ($1.70 billion U.S.).
TD Securities cut the target price on Cineplex to $17.50 from $18.50.
CIBC raises target price to $100.00 from $90.00
On the economic front, Statistics Canada said New home prices for Canada increased 0.1% in July compared with June.
The agency says it was the smallest increase since June 2020 and below the average increases witnessed in the first two quarters of 2022 (+1.1% in the first quarter and +0.3% in the second quarter).
StatsCan concludes prices were up in five of the 27 census metropolitan areas (CMAs) surveyed, unchanged in 17 and down in five.
The TSX Venture Exchange gave up 12.7 points, or 1.9%, to 649.91, for a loss on the week of 30 points, or nearly 5%.
U.S. stock futures fell Monday following a halt in the summer rally last week, as fears of aggressive interest rate hikes returned to Wall Street.
Futures for the Dow Jones Industrials cratered 308 points, or 0.9%, early Monday to 34,398.
Futures for the S&P 500 fell 48.5 points, or 1.2%, to 4,183
Futures for the NASDAQ Composite sank 201 points, or 1.5%, to 13,068.50.
Those moves come as European markets experienced steep declines, driven in part by worries of rising inflation and higher interest rates around the world.
Investors are anticipating what could be a volatile week of trading ahead of Fed Chairman Jerome Powell’s latest comments on inflation at the central bank’s annual Jackson Hole economic symposium.
On the earnings front, traders are expecting Palo Alto Networks and Zoom Video to report results Monday after the bell.
In Japan, the Nikkei 225 index fell 0.5%, while in Hong Kong, the Hang Seng index descended 0.6%,
Oil prices dropped 22 cents to $90.55 U.S. a barrel.
Gold prices chucked $16.00 to $1,746.90 U.S. an ounce.