Futures for Canada’s main stock index dipped on Monday, with low trading volumes, as investors awaited the domestic inflation report later in the week amid renewed optimism about a potential interest rate cut by the U.S. Federal Reserve in March.
The TSX Composite progressed 71.82 points to close Friday at 20.990.22. On the week, the index gained 52.6 points, or 0.25%.
March futures gave back 0.2% Monday.
The Canadian dollar slid 0.28 cents to 74.56 cents U.S.
Canada stocks ended the week at their highest level in 21 months on Friday, boosted by gains in technology shares, bullish technical bets and optimism sparked by U.S. data suggesting the possibility of early Fed rate cuts.
In company news, Thomson Reuters raised its offer to buy Sweden’s Pagero by 25% to about $789 million and said it now controls about 54% of the company, seeking to fend off competing bids for the e-invoicing and tax solutions firm. Thomson shares closed Friday up $1.83, or 1%, to 194.93.
On the economic board, Statistics Canada reported manufacturing sales rose 1.2% in November, mainly on higher sales in the chemical, primary metal, and machinery subsectors. Elsewhere, wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) grew 0.9% to $82.5 billion in November.
Lastly, the Canadian Real Estate Association was due this morning with its report on MLS sales during December.
In Japan, the Nikkei 225 jumped 0.9% Monday, while in Hong Kong, the Hang Seng Index skidded 0.2%.
Oil prices dipped $1.13 to $71.55 U.S. a barrel.
Gold prices gained $4.60 to $2,056.10 U.S. an ounce.
ON BAYSTREET
The TSX Composite progressed 71.82 points to close Friday at 20.990.22. On the week, the index gained 52.6 points, or 0.25%.
ON WALLSTREET
U.S. markets are closed Monday for Martin Luther King Day