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Futures tied to stock indexes in Canada fell slightly on Monday as investors slashed bets for a larger U.S. interest rate cut in November, while keeping focus on the crucial domestic and the U.S. economic data later this week.
The TSX Composite Index jumped 194.33 points to end Friday at 24,162.83. On the week, the index added 109 points, or 0.45%.
December futures were down 0.1% Monday.
The Canadian dollar inched back 0.06 cents to 73.58 cents U.S.
In corporate news, Chevron would sell its non-operated interest in the Athabasca Oil Sands project and its operated interest in Duvernay shale to Canadian Natural Resources for $6.5 billion.
The index scaled a record high on Friday after strong U.S. jobs data allayed concerns about a slowdown in the world’s largest economy, and with it tempered hopes of another bumper rate cut by the Federal Reserve next month.
Canada’s unemployment data on Friday will be another important catalyst for investors to gauge Canadian central bank’s interest-rate path. The Bank of Canada is widely expected to deliver a fourth cut at the meeting later in the month.
ON BAYSTREET
The TSX Venture Exchange hiked 5.34 points, or 1%, Friday, to 595.26. On the week, the index gained 7.15 points, or 1.2%.
ON WALLSTREET
Stock futures slipped on Monday as Wall Street struggles to keep the momentum from Friday’s rally.
Futures for the Dow Jones Industrials turfed 184 points, or 0.4%, to 42,562.
Futures for the S&P 500 fell 28.25 points, or 0.5%, at 5,771.75.
Futures for the NASDAQ tumbled 128 points, or 0.6%, to 20,099.25.
The move in futures comes after a bumpy week for stocks that saw the major averages grind out modest gains. The S&P 500 added 0.2% for the week, while the NASDAQ Composite inched up 0.1% and the Dow added 0.1%.
It was the fourth winning week in a row for all three averages, helped by a stronger-than-expected jobs report on Friday that gave more support to the idea that the Federal Reserve may pull off a “soft landing” for the U.S. economy. The Dow closed at a record high after the report.
Earnings season also starts to heat up, with results from Delta Air Lines due up Thursday and JPMorgan Chase set to report Friday.
On the economic front, key releases in the week ahead include the Federal Reserve meeting minutes on Wednesday and the consumer price index report on Thursday.
In Japan, the Nikkei 225 gained 1.8% Monday, while in Hong Kong, the Hang Seng accelerated 1.6%.
Oil prices hiked $2.02 to $76.40 U.S. a barrel.
Gold prices gained nine dollars to $2,678.80
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