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Toronto futures drop on weaker commodity prices

05/09/2022 | 07:16am EDT
FILE PHOTO: The facade of the original Toronto Stock Exchange building is seen in Toronto

(Reuters) - Canada's main stock index was set to open lower on Monday as commodity prices retreated on economic growth worries fueled by lockdowns in China and rising interest rates globally.

June futures on the S&P/TSX index were down 1.4% at 6:49 a.m. ET.

Crude oil slipped and prices of industrial metals were weaker as major consumer China tightened COVID-19 curbs in its two biggest cities, while gold fell more than 1% on a more hawkish outlook for Federal Reserve policy tightening. [O/R][GOL/]

Data for Canada's March building permits is due at 8:30 a.m. ET.

The Toronto Stock Exchange's S&P/TSX composite index ended 0.3% lower on Friday at 20,633.28, its lowest closing level since Jan. 27. The benchmark index also recorded its sixth straight week of declines. [.TO]

Dow e-minis were down 519 points, or 1.58% at 6:49 a.m. ET, while S&P 500 e-minis were down 77.75 points, or 1.89% and Nasdaq 100 e-minis were down 288.25 points, or 2.27%. [.N]

TOP STORIES [TOP/CAN]

First Quantum Minerals said on Sunday its board has approved plans for a $1.25 billion expansion of the company's Kansanshi copper mine in Zambia, first floated in January 2020, a decision the miner said was prompted by "renewed confidence" in Zambia's investment climate.

Canada's Commissioner of Competition intends to oppose Rogers Communications Inc's proposed C$20 billion ($16 billion) merger with Shaw Communications Inc, the companies said in a statement early Saturday.

ANALYST RESEARCH HIGHLIGHTS [RCH/CA]

Canadian Natural Resources: Credit Suisse raises target price to C$93 from C$85

Fortis Inc: Veritas Research raises to buy from reduce

Kinaxis Inc: ATB Capital Markets raises target price to C$210 from C$200

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1858.6; -1.29% [GOL/]

US crude: $107.29; -2.34% [O/R]

Brent crude: $110.02; -2.08% [O/R]

U.S. ECONOMIC DATA DUE ON MONDAY

1000 Employment Trends for April: Prior 120.56

1000 Wholesale inventory, R mm for March: Expected 2.3%; Prior 2.3%

1000 Wholesale sales mm for March: Prior 1.7%

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$1.29)

(Reporting by Amal S in Bengaluru; Editing by Aditya Soni)


© Reuters 2022
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