TSX set to open lower as commodity prices weigh
Reuters
Published Mar 06, 2023 07:31
(Reuters) - Futures for Canada's main stock index edged lower on Monday, setting the TSX up to snap a three-session winning streak, as commodity prices weakened after top-consumer China set a modest growth target for the year.
March futures on the S&P/TSX index were down 0.3% at 7:01 a.m. ET, with their U.S. counterparts also edging lower.
The Toronto Stock Exchange's S&P/TSX composite index ended at its highest closing level in more than two weeks on Friday, helped by upbeat data from major energy importer China. (TO)
On Monday, base metal and crude oil prices were in the red as China, over the weekend set a lower-than-expected gross domestic product target of 5%. Policy sources had recently told Reuters a range as high as 6% could be set. [O/R] [MET/L]
Investors are now awaiting Federal Reserve Chair Jerome Powell's testimony as well as a monthly U.S. jobs report later this week.
Closer to home, traders expect the Bank of Canada to not hike rates during its meeting on Wednesday, potentially making it the first major central bank to hit pause on monetary tightening.
In company news, Panamanian President Laurentino Cortizo said late on Friday talks between his government and Canada's First Quantum Minerals (TSX:FM) over the operation of a major copper mine were in the final stretch, with only one point still to be resolved.
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1,856.8; +0.1% [GOL/]
US crude: $78.49; -1.52% [O/R]
Brent crude: $84.52; -1.53% [O/R]
U.S. ECONOMIC DATA DUE ON MONDAY
January factory orders at 1000 a.m. ET
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 = 1.3602 Canadian dollars)
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.