(Reuters) - Futures for Canada's resources-heavy stock index fell on Monday as commodity prices dropped on demand concerns from top consumer China following reports of surging COVID cases.
Hawkish comments from a Federal Reserve official, as the central bank strives to tame against inflation, also weakened sentiment.
December futures on the S&P/TSX index were down 0.4% at 06:57 a.m. ET.
The blue-chip stock index finished at an 11-week closing high on Friday, as commodity prices rose after China eased some COVID curbs, while cooling U.S. inflation tempered bets of a super-sized interest hike from the Fed next month. [.TO]
Investors will be looking at monthly and annual inflation data this week for cues on Bank of Canada's monetary policy path.
As per economists polled by Reuters, consumer price index (CPI) reading for October, due on Wednesday, is expected to rise to 0.7% while the annual CPI is expected to remain unchanged from September's 6.9%.
A jump in coronavirus cases in China dashed hopes of a swift reopening of the economy, while a stronger dollar dulled the shine from Gold prices. [O/R] [GOL/]
U.S. futures slipped as hawkish comments from U.S. Federal Reserve Governor Christopher Waller tempered hopes of a less aggressive pace of monetary policy tightening. [.N]
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1757; -0.67% [GOL/]
US crude: $87.86; -1.26% [O/R]
Brent crude: $94.97; -1.06% [O/R]
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report [.TO]
Canadian dollar and bonds report [CAD/] [CA/]
Reuters global stocks poll for Canada
Canadian markets directory
($1= C$1.3)
(Reporting by Johann M Cherian in Bengaluru; Editing by Vinay Dwivedi)