(Reuters) - Futures for Canada's main stock index edged lower on Monday, setting the TSX up to snap a three-session winning streak, as commodity prices weakened after top-consumer China set a modest growth target for the year.
March futures on the S&P/TSX index were down 0.3% at 7:01 a.m. ET, with their U.S. counterparts also edging lower.
The Toronto Stock Exchange's S&P/TSX composite index ended at its highest closing level in more than two weeks on Friday, helped by upbeat data from major energy importer China. (TO)
On Monday, base metal and crude oil prices were in the red as China, over the weekend set a lower-than-expected gross domestic product target of 5%. Policy sources had recently told Reuters a range as high as 6% could be set. [O/R] [MET/L]
Investors are now awaiting Federal Reserve Chair Jerome Powell's testimony as well as a monthly U.S. jobs report later this week.
Closer to home, traders expect the Bank of Canada to not hike rates during its meeting on Wednesday, potentially making it the first major central bank to hit pause on monetary tightening.
In company news, Panamanian President Laurentino Cortizo said late on Friday talks between his government and Canada's First Quantum Minerals (TSX:FM) over the operation of a major copper mine were in the final stretch, with only one point still to be resolved.
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1,856.8; +0.1% [GOL/]
US crude: $78.49; -1.52% [O/R]
Brent crude: $84.52; -1.53% [O/R]
U.S. ECONOMIC DATA DUE ON MONDAY
January factory orders at 1000 a.m. ET
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($1 = 1.3602 Canadian dollars)