(Reuters) – Futures for Canada’s main stock index edged up on Wednesday as investors returned from a long holiday weekend to global optimism over China moving towards reopening its economy.
Futures on the S&P/TSX index were up 0.2% at 6:53 a.m. ET, tracking their U.S. counterparts. [.N]
China this month began dismantling the world’s strictest COVID regime of lockdowns and extensive testing, putting its battered economy on course for a complete re-opening next year, though hospitals and funeral homes were under intense pressure as a surging COVID-19 wave drained resources.
On the flip side, concerns remained that rising COVID cases could disrupt its economic recovery, pushing down prices of oil. [O/R]
Copper prices hit two-week peak, while gold eased from the six-month high hit in the previous session as the dollar regained strength. [GOL/] [MET/L]
The benchmark Canadian index ended up on Friday as energy shares rose, posting its first weekly gain in three weeks.
The TSX is set to decline for the first time on a yearly basis since 2018, heading into the last week days of trading left in the year.
Canadian equity markets will resume trading for the first time this week, following Christmas and Boxing Day holidays.
Among individual stocks, miner First Quantum Minerals Ltd said operations at its Cobre Panama mine are continuing as normal as formal talks resumed on Monday with Panama to solve a dispute over the miner’s operations.
Northland Capital initiated coverage with “outperform” rating on commercial EV maker Lion Electric.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Vinay Dwivedi)
