(Reuters) – Futures tied to Canada’s main stock index rose on Monday, supported by metal prices, as investors looked forward to this week’s domestic inflation data and AI darling Nvidia’s quarterly earnings.
December futures on the S&P/TSX index were up 0.27% at 6:04 a.m. ET (11:04 GMT).
Canada’s materials sector could benefit from gold prices that rebounded after posting losses in the previous six sessions, while copper prices also edged higher. [GOL/] [MET/L]
The energy sector remained in focus as oil prices rose after the war between Russia and Ukraine intensified over the weekend, while concerns about fuel demand in China and forecasts of a global oil surplus weighed on markets. [O/R]
The composite index ended lower on Friday as the prospect of a slower pace of Federal Reserve interest-rate cuts spurred investors to take some profits on gains made since the U.S. presidential election.
Canadian investors were squarely focused on the consumer price index (CPI) data due this week, which could provide clues on the Bank of Canada’s move at its December policy meeting.
The BoC slashed interest rates by half a percentage point last month to boost the domestic economy. Traders see a 33.4% chance for another 50-basis-point rate cut next month.
Canada’s producer prices and retail sales data are also due this week.
Nvidia’s third-quarter results on Wednesday will take center stage as analysts estimate its sales to have jumped 82.8% to $33.13 billion, according to data compiled by LSEG.
In corporate news, Canadian fund Brookfield plans to offer about 7 billion euros ($7.4 billion) for Spanish drugmaker Grifols after finishing due diligence, according to news website El Confidencial.
COMMODITIES
Gold: $2,592.27; +1.21% [GOL/]
US crude: $67.5; +0.72% [O/R]
Brent crude: $71.62; +0.82% [O/R]
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($1 = 1.4089 Canadian dollars)
(Reporting by Nikhil Sharma in Bengaluru; Editing by Shreya Biswas)