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TSX futures climb; Scotiabank Q4 profit in line with estimate

11/29/2022 | 07:57am EST
FILE PHOTO: The facade of the original Toronto Stock Exchange building is seen in Toronto

(Reuters) - Futures for Canada's main stock index climbed on Tuesday, tracking upbeat commodity prices, while Bank of Nova Scotia kicked off fourth-quarter earnings season for the country's biggest lenders after a profit in line with estimate.

Still, Scotiabank reported a lower profit year-on-year, as a lull in its investment banking division prompted the lender to set aside higher provisions.

December futures on the S&P/TSX index were up 0.5%, as of 0730 a.m. ET.

Canada's quarterly annualized gross domestic product data is expected to drop to 1.5% from 3.3% in previous quarter, as per Reuters poll. Data is expected at 08:30 a.m. ET.

Oil, precious and base metals rose on demand recovery prospects from China, the world's top raw material consumer, while expectations of production cuts by the OPEC+ further boosted prices. [O/R] [METL/] [GOL/]

Suncor Energy Inc said it would retain the Petro-Canada gas station retail business, while noting that capital expenditure for 2023 is expected to increase amid higher crude prices.

TC Energy Corp forecast a rise in 2023 costs as the oil and gas pipeline company continues to grapple with rising labor costs and shortages related to its delayed Coastal GasLink pipeline.

British bank HSBC agreed to sell its business in Canada to Royal Bank of Canada for $10.04 billion, enabling RBC to grab further market share in its home market.

Across the border, U.S. futures edged higher on Chinese demand recovery optimism. [.N]

COMMODITIES

Gold futures: $1,763.8; +0.9% [GOL/]

US crude: $79.33; +2.56% [O/R]

Brent crude: $95.76; +3.1% [O/R]

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report [.TO]

Canadian dollar and bonds report [CAD/] [CA/]

Reuters global stocks poll for Canada

Canadian markets directory

($1= C$1.3)

(Reporting by Johann M Cherian in Bengaluru; Editing by Sherry Jacob-Phillips)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / CANADIAN DOLLAR (AUD/CAD) 0.09% 0.92696 Delayed Quote.2.11%
BRENT OIL -2.83% 79.73 Delayed Quote.-4.54%
BRITISH POUND / CANADIAN DOLLAR (GBP/CAD) 0.09% 1.61591 Delayed Quote.-0.71%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) -0.09% 97.84 Delayed Quote.-0.07%
CANADIAN DOLLAR / SWISS FRANC (CAD/CHF) -0.08% 0.69013 Delayed Quote.0.61%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.09% 0.7454 Delayed Quote.1.68%
GOLD -2.63% 1864.9 Delayed Quote.5.02%
NEW ZEALAND DOLLAR / CANADIAN DOLLAR (NZD/CAD) -1.72% 0.84728 Delayed Quote.0.22%
ROYAL BANK OF CANADA 1.29% 138.15 Delayed Quote.8.52%
S&P GSCI BRENT CRUDE INDEX -2.71% 680.3413 Real-time Quote.-6.95%
S&P/TSX COMPOSITE INDEX 0.09% 20758.34 Delayed Quote.7.09%
SUNCOR ENERGY INC. 0.50% 44.13 Delayed Quote.2.75%
TC ENERGY CORPORATION 0.79% 56.05 Delayed Quote.3.83%
THE BANK OF NOVA SCOTIA -0.04% 73.36 Delayed Quote.10.58%
US DOLLAR / CANADIAN DOLLAR (USD/CAD) 0.08% 1.3403 Delayed Quote.-1.65%
WTI 0.00% 73.419 Delayed Quote.-5.67%
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