Futures for Canada's resources-heavy main stock index edged up on Tuesday as gold prices rose, while investors await the Bank of Canada's interest rate decision.
The TSX Composite toppled 243.4 points, or 1.2%, to end Monday at 20,242.26.
December futures on the S&P/TSX index eked up 0.1%.
The Canadian dollar edged down 0.14 cents to 73.44 cents U.S.
In individual company news, Cenovus Energy forecast higher capital expenditure for 2023, as it looks to boost production in response to higher crude prices amid a supply crunch caused by sanctions on Russia.
On the economic slate, Statistics Canada said Canada's merchandise exports rose 1.5% in October, while imports increased 0.6%. As a result, Canada's merchandise trade surplus with the world widened from $607 million in September to $1.2 billion in October. The IVEY PMI for November was due for release at 10 a.m. EST.
ON BAYSTREET
The TSX Venture Exchange swooned 17.56 points, or 1.2%, Monday to 581.64
ON WALLSTREET
Stock futures were little changed Tuesday, as traders took a breather after fears of even higher rates sparked a sell-off during the previous session.
Futures for the Dow Jones Industrials crawled ahead 11 points early Tuesday to 33,997.
Futures for the S&P 500 gained 1.75 points to 4,005.
Futures for the NASDAQ Composite moved up 17.25 points, or 0.2%, to 11,823.
Investors will look ahead to data Tuesday morning on international trade for insight into the strength of the U.S. and global economy. Later in the day, they will watch for post-bell earnings reports from Smith & Wesson and Stitch Fix.
Better-than-expected November ISM Services data, which looks at the purchasing level of manufacturers as a gauge the health of the broader economy, pressured equities Monday. The report stoked fears that the Federal Reserve will need to hike rates for longer than anticipated to bring down inflation. The release aligns with the payrolls report late last week in pointing to resilience within some areas of the economy.
Wall Street is largely expecting a 50-basis-point increase to interest rates at the Fed’s December meeting, but remains conflicted over how long the central bank’s interest rate hiking campaign will need to last, especially given the latest data.
In Japan, the Nikkei 225 poked ahead 0.2% Tuesday, while in Hong Kong, the Hang Seng Index faded 0.4%.
Oil prices dropped $1.29 to $75.64U.S. a barrel.
Gold prices were lower $10.10 to $1,791.40 U.S. an ounce.
