Nov 7 (Reuters) – Futures for Canada’s resources-heavy main stock index rose on Monday, mirroring a global risk-on sentiment, as commodity prices trimmed losses after the U.S. dollar weakened.
S&P/TSX index futures were up 0.4% at 06:54 a.m. ET, while their U.S. peers climbed. The dollar, meanwhile, fell against a basket of major currencies.
Investors’ focus this week will be on U.S. mid-term elections for cues on policy direction, as well as October inflation data — which will be used to gauge the Federal Reserve’s tightening stance.
The Toronto Stock Exchange’s S&P/TSX composite index ended 1.1% higher on Friday, clawing back most of its losses throughout the week.
On Monday, oil prices pared losses after data from top consumer China showed crude imports rebounding to its highest level since May. Prices of precious metals edged lower but were well off session lows on a weaker dollar.
However, there was some caution as Chinese officials indicated that COVID-19 measures must be implemented more precisely as cases hit a six-month high. Stocks on Friday had rallied on hopes the curbs, which have hurt activity in the world’s second-largest economy, could be relaxed.
Among individual companies, the board of South Africa’s Gold Fields said it will not change its offer for Yamana Gold after the company received a surprise rival bid 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 starting on 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 about C$4.46 billion ($3.30 billion). (Reporting by Shashwat Chauhan in Bengaluru; editing by Uttaresh.V)