TSX futures rise ahead of data-heavy week
2024.11.11 06:53
(Reuters) – Futures tied to Canada’s main stock index rose on Monday (NASDAQ:), mirroring Wall Street peers, with investors focusing on this week’s major economic indicators including key U.S. inflation data.
December futures on the S&P/TSX index were up 0.5% at 6:00 a.m. ET (11:00 GMT).
Wall Street futures rose on Monday and were set to continue their post-U.S. election gains. [.N]
Donald Trump’s reelection kicked off a global stock market rally last week on expectations that the Trump administration’s second term will bring equities-boosting tax cuts and looser regulations.
Later this week, data from the U.S. consumer price index could provide more clues about the Federal Reserve’s monetary policy move at its December policy meeting.
In Canada, quarterly earnings from e-commerce services giant Shopify (NYSE:) will grab investor interest on Tuesday, while data from manufacturing sales is expected on Friday.
The TSX composite index ended lower on Friday but logged a weekly gain, broadly benefiting from Trump’s reelection.
The energy sector could come under pressure as oil prices fell after China’s stimulus plan disappointed investors and the U.S. dollar strengthened. [O/R]
The materials sector grabbed attention as gold prices fell against a firmer dollar and strong risk appetite, with markets expecting the Fed to adopt a cautious approach under the Trump administration. [GOL/]
prices also slipped as top consumer China’s latest stimulus package fell short of investor expectations. [MET/L]
In corporate news, Constellation Software (ETR:) slightly missed third-quarter revenue estimates on Friday.
Meanwhile, the Montreal Longshoremen’s Union rejected the final offer made for a new labour contract, leading to a lockout being declared.
COMMODITIES
Gold: $2,660.6; -0.8% [GOL/]
US crude: $69.34; -1.5% [O/R]
: $72.92; -1.3% [O/R]
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