By Ketki Saxena
Investing.com – Canadian Markets Last Week’s Recap: The S&P/TSX Composite Index closed out last week at 21,339.35 points, or up 1.20% for the week, The S&P 500 closed out the week at 4,313.04 points , or down 1.30% for the week, as volatility continued due to the Russian Invasion of Ukraine. The TSX held up better than U.S. markets for the second week in a row, buoyed by its commodities and energy tilt.
OIl closed out the week at $115.78/barrel, or up a whopping 25.3% for the week, after touching $120 mid week. Today, of course, oil has seen a spectacular spike past $130, before dropping to $123 at time of writing. Oil isn’t the only commodity seeing a spectacular rally. Natural gas closed out last week at $4.96, while gold touched $2000 last week before closing the week just below at $1,967. Copper, US Wheat Futures, US Corn Futures, US Soybeans Futures, and US Coffee C Futures also continue to surge, driven by concerns that the Russian-Ukraine conflict will be long-prolonged, further affecting already stretched supply chains.
Bond yields were up, with yields on the Government of Canada’s 5 year and 10 year bonds down 0.28% and 0.24% to 1.45% and 1.66% respectively. The CAD/USD pair was trading at $0.78, down 0.2% for the week.
What to expect on the TSX and in Canadian Econ. this week
Major earnings on the TSX this week will largely focus on metals and mining, with earnings calls from Ivanhoe Mines (TSX:IVN), Wheaton Precious Metals Corp, First Majestic Silver Corp, Wedsome Gold Mines, and Ero Copper (TSX:ERO). Other major earning calls this week include Cargojet, Vermillion Energy, Franco-Nevada Corp, Stella Jones-Inc, and Ballard Power Systems (TSX:BLDP).
Major Canadian Data this week includes a slew of employment data including unemployment rate, employment change and year on year wage growth. Canadian economic data this week will also include January Balance of Trade, Exports and Import Data, and GoC 2-year bond auction.
Canadian Markets Calendar: The week of March 7
Monday
- No Key Canadian Economic Data
- Major TSX Earnings: CargoJet , Vermillion Energy
Tuesday
- Key Canadian Economic Data: January Balance of Trade, Canadian Exports and Import data
- Major TSX Earnings: Ivanhoe Mines, Nuvei (TSX:NVEI) Corp, Inerrent Reit, Ero Copper
Wednesday
- No Key Canadian Economic Data
- Major TSX Earnings: Pipestone Energy, Franco-Nevada Corp, Stella Jones (TSX:SJ) Inc
Thursday
- Key Canadian Economic Data: Canada 2-year bond auction
- Major TSX Earnings: Wheaton Precious Metals Corp, First Majestic Silver Corp, Docebo, Wedsome Gold Mines Limited
Friday
- Key Canadian Economic Data: Unemployment Rate Feb, Employment Change Feb, Full-Time Employment Change Feb, Participation Rate Feb, Average Hourly Wages YoY, Capacity Utilization for Q4
- Major TSX Earnings: Ballard Power Systems