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Nov 7 (Reuters) – Futures on Canada’s heavily resource-heavy main stock index rose on Monday, reflecting global risk sentiment, as commodity prices pared losses after the weakening of the US dollar.
S&P/TSX index futures rose 0.4% at 6:54 a.m. ET, while their U.S. counterparts rose. The dollar, meanwhile, depreciated against a basket of major currencies.
This week, investors will focus on the U.S. midterm elections for clues on policy direction, as well as October inflation data – which will be used to gauge the tightening stance of the economy. Federal Reserve.
The Toronto Stock Exchange’s S&P/TSX Composite Index ended up 1.1% on Friday, recouping most of its losses for the week.
On Monday, oil prices pared losses after data from China’s top consumer showed crude imports rebounded to their highest level since May. Precious metal prices fell slightly but moved well away from session lows on a weaker Dollar.
However, there has been some caution as Chinese authorities have indicated that COVID-19 measures need to be implemented more precisely as cases hit a six-month high. On Friday, stocks rebounded on hopes that the curbs, which have hurt activity in the world’s second-largest economy, could be eased.
Among individual companies, the board of South Africa’s Gold Fields said it would not change its bid for Yamana Gold after the company received a surprise competing offer from Agnico Eagle and Pan American on Friday. .
The fate of Rogers Communications’ acquisition of Shaw Communications will be decided at a Canadian Competition Tribunal hearing beginning Monday, after the companies and the antitrust bureau failed to reach a settlement despite repeated attempts.
Singapore’s sovereign wealth fund GIC and Canada’s Dream Industrial REIT will buy Canada’s Summit Industrial Income REIT for approximately C$4.46 billion ($3.30 billion). (Reporting by Shashwat Chauhan in Bengaluru; Editing by Uttaresh.V)
