Futures for Canada’s main stock index fell on Monday, signaling a fresh selloff as investors braced for domestic inflation data and a slew of interest rate decisions from major central banks this week.
The TSX Composite docked 174.28 points to finish Friday’s trading at 19,385.88. On the week, the index handed over 387 points, or 1.96%.
Futures floundered 0.6% early Monday.
The Canadian dollar dipped 0.26 cents to 75.17 cents U.S.
On the economic slate, Statistics Canada said its industrial product price index declined 1.2% month over month in August. Year over year, the index increased 10.6%, while its raw materials price index fell 4.2% in August and increased 17.6% year over year.
The TSX Venture Exchange let go of 6.99 points, or 1.1%, Friday to 630.50, for a weekly loss of 15 points, or 2.33%.
Stock futures fell Monday after the major averages posted their worst week since June and rates rose ahead of the Federal Reserve’s two-day meeting this week.
Futures for the Dow Jones Industrials dumped 231 points, or 0.8%, early Monday to 30,691.
Futures for the S&P 500 slumped 31.25 points, or 0.8%, to 3,858.75
Futures for the NASDAQ Composite Index stumbled 106 points, or 0.9%, to 11,827.50.
Investors are coming into the new week focused on the Fed’s latest policy meeting, which will begin Tuesday.
The central bank is expected to raise interest rates by another three-quarters of a point, though investors are also watching for guidance about corporate earnings before the next reporting season begins in October.
There are also a handful of corporate earnings on deck, including Costco, Darden Restaurants, General Mills and Lennar.
In Hong Kong, the Hang Seng gave back 1%, while markets in Japan were closed for holiday.
Oil prices retreated $1.92 to $83.19 U.S. a barrel.
Gold prices fell $12.30 to $1,671.20 U.S. an ounce.