Toronto market eyes higher open as commodities climb
April 12 (Reuters) -Canada's stock index futures rose on Friday, lifted by surging commodity prices, as investors cautiously track big bank earnings in the U.S., which will kick off the corporate earnings season.
June futures on the S&P/TSX index SXFcv1 were up 0.4% at 6:40 a.m. ET (10:40 GMT).
Gold prices hit a record peak as geopolitical risks and economic concerns surrounding China attracted robust demand, while copper prices continued their upward march. GOL/ MET/L
Energy shares could see a rebound as heightened tensions in the Middle East raised the risk of supply disruptions and boosted oil prices. O/R
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed 0.4% lower on Thursday, after touching its lowest intraday level since March-end. .TO
The index is set to log a weekly decline as a hot inflation reading in the U.S. dampened hopes of a June rate cut, and the Bank of Canada held its rates steady on Wednesday.
Investors will monitor the crucial consumer prices index (CPI) reading in Canada next week, after BoC Governor Tiff Macklem hinted the central bank was open to a June cut if the recent cooling trend in inflation was sustained.
Across the border, another season of corporate earnings commenced in the U.S., with JPMorgan Chase & Co JPM.N reporting a higher first-quarter profit, while Wells Fargo & Co's WFC.N profit fell more than 7%.
In Canadian corporate news, Brookfield Asset Management BAM.TO is in advanced talks to acquire a majority stake in private credit manager Castlelake with an investment of more than $1.5 billion, the Financial Times reported on Thursday.
COMMODITIES AT 6:40 a.m. ET
Gold futures GCc2: $2,404.9; +1.9% GOL/
US crude CLc1: $86.17; +1.4% O/R
Brent crude LCOc1: $90.81; +1.2% O/R
Reporting by Purvi Agarwal in Bengaluru; Editing by Ravi Prakash Kumar
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
