TSX futures rise on gold, oil strength

2020 03 09T113824Z 1 LYNXMPEG280XH OCABS RTROPTP 3 CBUSINESS US CANADA STOCKS


(Reuters) – Futures for Canada’s main stock index edged higher on Monday, indicating an upbeat start to the week, as gold and oil prices moved higher, while investors awaited more clues on the interest rate trajectory of central banks.

June futures on the S&P/TSX index were up 0.5% at 6:30 a.m. ET (10:30 GMT), mirroring gains in their Wall Street peers. [.N]

Spot gold prices rose nearly 1%, deriving support from a soft U.S. dollar, while Shanghai copper fell on lack of clear demand improvement from the troubled Chinese property market. [GOL/] [MET/L]

Oil futures climbed after Saudi Arabia hiked June crude prices and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears of a widening conflict in the Middle-East. [O/R]

The Toronto Stock Exchange’s S&P/TSX composite index ended 0.59% higher on Friday amid a broad rally led by tech and healthcare shares. [.TO]

Sentiment on Friday was also uplifted by data showing that U.S. job growth slowed more than expected in April and annual wage gains cooled, adding to bets of a September rate cut by the Federal Reserve after its last decision to hold rates.

Data-wise, employment change numbers are due in Canada later in the week, alongside a weekly report of jobless claims in the United States.

Investors will carefully analyze Canadian economic data to gauge inflation after Bank of Canada Governor Tiff Macklem hinted at the possibility of a June cut if Canadian inflation kept easing.

In corporate news, Reuters reported that China’s Sinopec is in discussions with Pembina Pipeline Corp for a liquefied natural gas (LNG) offtake agreement and equity stake in the Canadian company’s proposed Cedar LNG project.

COMMODITIES AT 6:30 a.m. ET

Gold futures: $2,328; +0.8% [GOL/]

US crude: $78.92; +1.0% [O/R]

Brent crude: $83.65; +0.8% [O/R]

(Reporting by Purvi Agarwal in Bengaluru; Editing by Ravi Prakash Kumar)



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