Baystreet.ca - Futures tied to Canada's main stock index rose on Monday, boosted by oil prices, while investors look ahead to domestic jobs data due later in the week to gauge the Bank of Canada's policy easing trajectory.
The TSX gained 104.48 points, to close Friday at 25,648, for a gain on the week of 203 points, or 0.8%. The composite index ended at a record high on Friday and clocked its largest monthly gain in over 12 months.
December futures took on 0.2% Monday.
The Canadian dollar swooned 0.1 cents to 71.26 cents U.S.
U.S. President-elect Donald Trump said on Saturday he discussed the border, trade and energy in a "very productive" meeting with Canadian Prime Minister Justin Trudeau. Investors were unsettled after Trump's pledged to impose a 25% tariff on imports from Canada and Mexico last week.
In corporate news, Condor Gold said it received two non-binding takeover proposals from Calibre Mining (TSX:CXB) and Metals Exploration.
Quarterly earnings from big Canadian lenders, including Royal Bank of Canada (TSX:RY), National Bank of Canada (TSX:NA) and Toronto Dominion Bank (TSX:TD), will also be in focus later in the week.
On matters macroeconomic, the S&P Global Manufacturing PMI is due this morning (around 9:30 a.m. EST)
ON BAYSTREET
The TSX Venture Exchange rallied 6.87 points, or 1.1%, Friday to 614.26, to put it up eight points, or 1.3%, on the week.
ON WALLSTREET
S&P 500 futures are slightly lower Monday morning as investors looked toward the final month of trading this year.
Futures for the Dow Jones Industrial average faded 36 points to 45,019.
Futures for the broader index backed off 6.75 points, or 0.1% to 6,044.75
Futures for the NASDAQ Composite Index dumped 15.75 points, or 0.1%, to 20,978.25.
November marked the best month of 2024 for both the Dow, which gained 7.5%, and S&P 500, increasing 5.7%. Both of the indexes also notched new all-time intraday and closing highs in Friday’s shortened trading session. The Dow briefly traded above 45,000 for the first time ever in the session.
Investors will watch on Monday for economic data on manufacturing and construction spending. That comes ahead of a series of closely watched labor data due later in the week.
Bitcoin, which traded near $99,000 on Friday, retreated to around $95,000 on Monday as investors were in a bit of a risk-off mood to start the month.
Those moves follow a winning week and month for stocks. Much of November trading was centered on a postelection rally after President-elect Donald Trump emerged as the winner.
In Japan, the Nikkei 225 hiked 0.8% Monday, while in Hong Kong, the Hang Seng leaped 0.7%.
Oil prices obtained 79 cents to $68.79 U.S. a barrel.
Gold prices dulled $16.90 to $2,664.10 U.S. an ounce.