Canada Stocks: TSX futures gain on higher commodity prices, but political uncertainty looms

GFL Environmental

07/01/2025 12:36

Jan 7 (Reuters) - Futures for Canada's main stock index
edged up on low volumes on Tuesday, helped by higher commodity
prices, while investors weighed the impact of a potential shift
in political power after Prime Minister Justin Trudeau announced
his plan to resign.
        March futures on the S&P/TSX index  SXFcv1  were up
0.21% as of 6:40 a.m. ET (1140 GMT).
    Trudeau said on Monday he would step down in the coming
months after nine years in power, bowing to pressure from
lawmakers alarmed by his Liberal Party's miserable showing in
pre-election polls.
    The Toronto Stock Exchange's S&P/TSX composite index
 .GSPTSE  fell following the announcement, ending a three-day
gaining streak.
        Oil prices  LCOc1   CLc1  climbed in the day, as fears
of tighter Russian and Iranian supply due to escalating Western
sanctions lent support.  O/R 
    Gold prices  XAU=  also edged higher, helped by a weaker
U.S. dollar.  GOL/ 
    On Tuesday, investors will be focused on the December Ivey
Purchasing Managers Index (PMI) data — a vital barometer of the
Canadian economy's health — scheduled for release at 10:00 a.m.
ET. 
    Friday's employment data may also offer clues on the Bank of
Canada's interest rate cut trajectory.
    Across the border, the key U.S. nonfarm payrolls figures are
also due later in the week and any signs of resilience in the
economy are likely to push back expectations on the pace of the
Federal Reserve's monetary easing cycle this year.
    In corporate news, Canadian waste management company GFL
Environmental  GFL.TO  said it would sell its environmental
services division to Apollo Global Management  APO.N  and BC
Partners in a deal valued at C$8 billion ($5.59 billion).
    
    FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
    TSX market report  .TO 
    Canadian dollar and bonds report  CAD/   CA/ 
    Reuters global stocks poll for Canada  EQUITYPOLL1 
 EPOLL/CA 
    Canadian markets directory  CANADA 
 
 
($1 = 1.4311 Canadian dollars)

 (Reporting by Ragini Mathur in Bengaluru; Editing by Sahal
Muhammed)
 ((Ragini.Mathur@thomsonreuters.com;))