(Reuters) – Canada’s stock index futures were little changed on Thursday as investors awaited data on monthly factory activity to gauge the economy’s health in a high interest-rate environment.
December futures on the commodity-heavy S&P/TSX index were up 0.1% at 07:47 a.m. ET., after closing at their highest level in six months on Wednesday.
The S&P Global Canada Manufacturing Purchasing Managers’ Index (PMI) data for November is due at 09:30 a.m. ET. October report showed a deepening slowdown in the manufacturing sector as production and new orders fell.
Prices of oil and metals were up as traders expect slowing U.S. interest rate hikes and the easing of China’s COVID-19 controls to improve the outlook for demand. [O/R] [METL/] [GOL/]
In company news, Canadian Imperial Bank of Commerce and Bank of Montreal reported a slump in fourth-quarter profit as the lenders set aside bigger provisions to cover potential loan defaults against the backdrop of an uncertain macroeconomic environment.
However, Canada’s TD Bank posted a surge in fourth-quarter profit as gains from higher interest rates offset weakness in underwriting and capital markets.
The Canadian government approved an expansion to TC Energy’s NOVA Gas Transmission Ltd (NGTL) pipeline system in Alberta that would help improve market access for western Canadian natural gas.
Futures for U.S. stock indexes were lower ahead of weekly jobless claims data. [.N]
COMMODITIES
Gold futures: $1,788.3; +1.0% [GOL/]
US crude: $81.5; +1.2% [O/R]
Brent crude: $87.85; +1% [O/R]
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($1= C$1.3)
(Reporting by Johann M Cherian in Bengaluru; Editing by Anil D’Silva)
