Toronto market eyes higher open as commodities climb
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(Reuters) – Canada’s stock index futures rose on Friday, lifted by surging commodity prices, as investors cautiously track big bank earnings in the U.S., which will kick off the corporate earnings season.
June futures on the S&P/TSX index were up 0.4% at 6:40 a.m. ET (10:40 GMT).
Gold prices hit a record peak as geopolitical risks and economic concerns surrounding China attracted robust demand, while copper prices continued their upward march. [GOL/] [MET/L]
Energy shares could see a rebound as heightened tensions in the Middle East raised the risk of supply disruptions and boosted oil prices. [O/R]
The Toronto Stock Exchange’s S&P/TSX composite index closed 0.4% lower on Thursday, after touching its lowest intraday level since March-end. [.TO]
The index is set to log a weekly decline as a hot inflation reading in the U.S. dampened hopes of a June rate cut, and the Bank of Canada held its rates steady on Wednesday.
Investors will monitor the crucial consumer prices index (CPI) reading in Canada next week, after BoC Governor Tiff Macklem hinted the central bank was open to a June cut if the recent cooling trend in inflation was sustained.
Across the border, another season of corporate earnings commenced in the U.S., with JPMorgan Chase & Co reporting a higher first-quarter profit, while Wells Fargo & Co’s profit fell more than 7%.
In Canadian corporate news, Brookfield Asset Management is in advanced talks to acquire a majority stake in private credit manager Castlelake with an investment of more than $1.5 billion, the Financial Times reported on Thursday.
COMMODITIES AT 6:40 a.m. ET
Gold futures: $2,404.9; +1.9% [GOL/]
US crude: $86.17; +1.4% [O/R]
Brent crude: $90.81; +1.2% [O/R]
(Reporting by Purvi Agarwal in Bengaluru; Editing by Ravi Prakash Kumar)