Futures for Canada's main stock index fell on Monday as weaker oil prices offset the boost from rising gold prices at the start of a busy week for domestic bank earnings.
The TSX Composite gained 39.7 points to end Friday and the week at 20,383.77. The index gained nearly 403 points, or 2.02% for the week, and was trading above the 200-day moving average.
December futures on the S&P/TSX index slipped 0.3%.
The Canadian dollar slid 0.12 cents to 74.44 cents U.S.
The economic data roster for the week includes third-quarter and annual gross domestic product data and changes in unemployment rates.
ON BAYSTREET
The TSX Venture Exchange stumbled 5.68 points to register at 575.64 Friday, placing the smaller exchange in the red for the week, 0.2 points, or 0.4%.
ON WALLSTREET
Stock futures fell Monday as social unrest from China’s prolonged COVID restrictions weighed on markets, sending oil prices lower — after Wall Street notched gains during the Thanksgiving holiday-shortened week.
Futures for the Dow Jones Industrials sank 205 points, or 0.6%, to 34,151.
Futures for the S&P 500 dipped 31.75 points, or 0.8%, to 4,000.75
Futures for the NASDAQ Composite slipped 92 points, or 0.8%, to 11,690.75.
Over the weekend, demonstrations broke out in mainland China as people vented their frustrations with Beijing’s zero-COVID policy. Local governments tightened COVID controls as cases surged, even though earlier this month Beijing adjusted some policies that suggested the world’s second-biggest economy was on its way to reopening.
The developments weighed on sentiment in Asia trading, with oil futures hovering around new 2022 lows around demand concerns. Shares of companies with big production facilities in the country led premarket losses. Shares of Apple lost 1.7% and Tesla declined 2.2% in premarket trading.
In the last week of November, investors will be watching more earnings reports and a slew of economic releases that will give further information on the state of the consumer and the U.S. economy. Intuit, Salesforce and Five Below are among companies scheduled to report earnings. Personal consumption data and the labor report for November will also be released this week.
In Japan, the Nikkei 225 fell 0.4% Monday, while in Hong Kong, the Hang Seng Index was off 1.6%.
Oil prices declined $1.95 to $74.33 U.S. a barrel.
Gold prices dropped $1.40 to $1,752.60 U.S. an ounce.
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