Toronto market eyes higher open on gold boost
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(Reuters) – Futures for Canada’s main stock index inched up on Monday, supported by rising gold prices, after it logged its worst day in nearly two months in the previous session.
June futures on the S&P/TSX index were up 0.2% at 6:43 a.m. ET (10:43 GMT), mirroring gains in their Wall Street peers. [.N]
The Toronto Stock Exchange’s S&P/TSX composite index fell 0.95% on Friday, in its biggest decline since February, as investors took stock of recent gains and the risk of a wider conflict in the Middle East. [.TO]
The index posted a weekly decline of 1.6%, snapping its eight-week winning streak after hotter-than-expected inflation data threw cold water on hopes that the Federal Reserve would begin cutting interest rates as early as June.
Commodity-wise, spot gold prices hovered near record-high levels on Monday, as traders monitored developments surrounding the Middle East conflict, prompting safe-haven buying of assets, while copper prices drifted higher. [GOL/] [MET/L]
Meanwhile, oil prices slipped about 1%, with the market downplaying the risk of broader regional conflagration after Iran’s attack on Israel. [O/R]
On the data front, a March reading of retail sales, due in the U.S. at 8:30 a.m. ET, could provide some insight on the state of consumer spending in the economy.
Across the border, big banks kickstarted another earnings season on Friday. Goldman Sachs and brokerage Charles Schwab are due to report their quarterly figures before the bell on Monday.
In Canadian corporate news, proxy advisory firms ISS and Glass Lewis have recommended investors in Canada’s Rogers Communications to vote against reappointing Chairman Edward Rogers due to lack of enough women on the company’s board, Bloomberg News reported on Friday.
COMMODITIES AT 6:43 a.m. ET
Gold futures: $2,354; -0.3% [GOL/]
US crude: $84.9; -0.9% [O/R]
Brent crude: $89.74; -0.8% [O/R]
(Reporting by Purvi Agarwal in Bengaluru; Editing by Ravi Prakash Kumar)