Futures for Canada’s main stock index rose on Monday, mirroring a global risk-on sentiment, as commodity prices trimmed losses after the U.S.
The TSX Composite gained 208.59 points, or 1.1%, to close Friday and the week at 19,449.81. On the week, the index backtracked 21 points, or 0.1%-%.
December futures picked up 0.4% on Monday.
The Canadian dollar was down 0.1 cents to 74.10 cents U.S.
The board of South Africa’s Gold Fields said it will not change its offer for Yamana Gold after the company received a surprise rival bid from Agnico Eagle and Pan American on Friday.
The fate of Rogers Communications’ acquisition of
Shaw Communications will be decided at a Competition Tribunal hearing starting on Monday, after the companies and the antitrust bureau failed to reach a settlement despite repeated attempts.
Singapore’s sovereign wealth fund GIC and Dream
Industrial REIT will buy Canada’s Summit Industrial
Income REIT for about $4.46 billion
The TSX Venture Exchange took on 8.54 points, or 1.5%, to 593.57, to minimize the loss on the week to 3.3 points, or 0.6%.
U.S. stock futures rose Monday as a packed week kicked off, with congressional midterm elections and key inflation data on deck over the next few days.
Futures for the Dow Jones Industrials climbed 156 points, or 0.5%, to 32,584.
Futures for the S&P 500 picked up 16.5 points, or 0.4%, to 3,796.
Futures for the NASDAQ Composite jumped 43.25 points, or 0.4%, to 10,933.50.
Those gains came even as Apple fell 1% after the tech company said iPhone production has been temporarily reduced because of COVID-19 restrictions in China.
Tuesday’s midterm election will determine which party will control Congress, and impact the direction of future spending. Democrats currently control the House, and have a majority in the Senate. A Republican sweep could signal greater support of oil and gas companies.
On the economic front, investors are anticipating Thursday’s CPI report will give further insight into the Federal Reserve’s efforts to squash inflation. A hot inflation report could signal to investors that a pivot from higher interest rates, for longer, could be further away than expected.
Elsewhere, several companies are expected to report Monday including Palantir Technologies, Activision Blizzard, Lyft and Take-Two Interactive.
Corporate earnings season is winding down with a majority of companies in the S&P 500 having reported results.
In Japan, the Nikkei 225 gained 1.2%, while in Hong Kong, the Hang Seng Index sprinted 2.7% Friday.
Oil prices dipped 90 cents to $91.71 U.S. a barrel.
Gold prices added two dollars to $1,678.60 U.S. an ounce.