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Toronto index set to open higher on stronger commodity prices

06/27/2022 | 07:12am EDT
FILE PHOTO: The facade of the original Toronto Stock Exchange building is seen in Toronto

(Reuters) - Futures for Canada's main stock index inched higher on Monday on gains in bullion and crude prices, although recession fears weighed on sentiment.

September futures on the S&P/TSX index were up 0.1% at 6:45 a.m. ET.

Gold prices strengthened on news some Western nations were planning to officially ban imports of the metal from Russia for its invasion of Ukraine.[GOL/]

Meanwhile, U.S. crude prices were up 0.1% a barrel, and Brent crude added 0.2% in a volatile session. [O/R]

The Toronto Stock Exchange's S&P/TSX composite index ended 1.93% higher at 19,077.91 on Friday. [.TO]

Dow e-minis were up 68 points, or 0.22% at 6:45 a.m. ET, while S&P 500 e-minis were up 12 points, or 0.31% and Nasdaq 100 e-minis were up 51.5 points, or 0.42%. [.N]

TOP STORIES [TOP/CAN]

Rogers Communications Inc, Shaw Communications Inc and Canada's competition bureau have agreed to start a mediation process to overcome the agency's antitrust issues posed by Rogers' C$20 billion ($15.5 billion) acquisition of Shaw, the competition tribunal said on Friday.

Finance Minister Chrystia Freeland said on Sunday that Canada still has a path to a "soft landing," where it could stabilize economically after the blow by the COVID-19 pandemic, without facing a severe recession that many fear, CBC News reported.

ANALYST RESEARCH HIGHLIGHTS [RCH/CA]

Ascot Resources Ltd: CIBC cuts to "neutral" from "outperform"

Cardinal Energy Ltd (Alberta): CIBC initiates coverage with "neutral" rating

Equinox Gold Corp: CIBC cuts to "underperform" from "neutral"

COMMODITIES AT 6:45 a.m. ET

Gold futures: $1836.4; +0.51% [GOL/]

US crude: $107.7; +0.1% [O/R]

Brent crude: $113.41; +0.26% [O/R]

U.S. ECONOMIC DATA DUE ON MONDAY

0830 Durable goods for May : Expected 0.0%; Prior 0.5%

0830 Durables ex-transport for May: Expected 0.3%; Prior 0.4%

0830 Durables ex-defense mm for May : Prior 0.3%

0830 Nondefense cap ex-air for May : Prior 0.4%

1000 Pending Homes Index for May : Prior 99.3

1000 Pending sales change mm for May : Expected -4.0%; Prior -3.9%

1030 Dallas Fed Manufacturing Business Index for Jun : Prior -7.30

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 Sriraj Kalluvila)


© Reuters 2022
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