Canada Stocks: TSX futures indicate upbeat open as metal prices gain

Enerplus

29/04/2024 12:04

April 29 (Reuters) - Futures for Canada's main stock
index drifted higher on Monday as base and precious metals moved
higher, while investors await a week of corporate earnings and
the U.S. Federal Reserve's monetary policy decision. 
    June futures on the S&P/TSX index  SXFcv1  were up 0.3% at
6:45 a.m. ET (10:45 GMT).
    The Toronto Stock Exchange's S&P/TSX composite index
 .GSPTSE  ended 0.4% higher on Friday, adding to its weekly gain
of 0.7%, with commodity-linked shares gaining appeal in the face
of stubborn U.S. inflation.  .TO 
    Gold prices rose on a softer U.S. dollar, while copper
prices soared to two-year highs, driven by supply concerns
highlighted by the BHP Group-Anglo American's potential deal,
though signs of sluggish Chinese demand kept prices short of a
record peak.  GOL/   MET/L 
    On the flip side, oil prices trended lower after
Israel-Hamas peace talks in Cairo tempered fears of a wider
conflict in the Middle East.  O/R 
    On the radar this week is the U.S. Federal Reserve's next
decision on interest rates due Wednesday, following an inflation
report on Friday that showed inflation remained in line with
estimates. 
    Data-wise, a monthly reading of the crucial non-farm
payrolls data is also due in the U.S. that will provide more
detail into the American labor market. 
    A monthly reading of the gross domestic product (GDP) data
in Canada is due on Tuesday, which will provide more insight
into the health of the economy.
    Economic data in Canada has been in the limelight for
investors since Bank of Canada's Governor Tiff Macklem hinted at
the possibility of a June cut if the cooling trend in inflation
was sustained early in April.
    Corporate earnings in Canada will also pick pace with
Cargojet  CJT.TO , Gildan Activewear  GIL.TO  and Barrick Gold
 ABX.TO  among others set to report their quarterly figures
throughout the week.
    In corporate news, brokerage RBC downgraded Enerplus Corp
 ERF.TO  to "sector perform" from "outperform".
    
    COMMODITIES AT 6:45 a.m. ET
    Gold futures  GCc2 : $2,354.6; +0.3%  GOL/ 
    US crude  CLc1 : $83.63; -0.3%  O/R 
    Brent crude  LCOc1 : $88.95; -0.6%  O/R 

 (Reporting by Purvi Agarwal in Bengaluru; Editing by Vijay
Kishore)
 ((Purvi.Agarwal@thomsonreuters.com;))