Futures tracking Canada’s main stock index edged up on Monday, as investors awaited the Federal Reserve’s interest rate decision and key U.S. economic data this week for clues on pace of monetary easing next year.
The TSX lost 146.78 points to finish Friday at 25,263.93, for a loss on the week of 417 points, or 1.62%.
The Canadian dollar hesitated 0.13 cents to 70.16 cents U.S. Futures edged up 0.1%.
In corporate news, Barrick Gold will suspend operations in Mali if gold shipments continue to be blocked, the company said, as it struggles to reach agreement with authorities on a new mining code in the West African country.
In economic news, the Canadian Real Estate Association’s MLS listing was due for in November, while housing starts for November were on the agenda.
ON BAYSTREET
The TSX Venture Exchange slid 4.04 points Friday to 607.84, for a weekly loss of 2.4 points, or 0.4%.
ON WALLSTREET
Stock futures rose slightly on Monday, with the Dow Jones Industrial Average riding a seven-day losing streak into a week highlighted by a key central bank meeting.
Futures for the 30-stock average gained 84 points, or 0.2%, to 44,421.
Futures for the S&P 500 moved up 18 points, or 0.3%, to 6,144
Futures for the tech-heavy NASDAQ jumped 112 points, or 0.5%, to 22,194.
The stock market is coming off a sluggish week. The Dow lost 1.8% last week and has lost ground in each of the last seven sessions. The S&P 500 dipped 0.6%, and has retreated in four of the past five sessions. The NASDAQ Composite outperformed, grinding out a gain of 0.3% for the week.
After a broad rally following President-elect Donald Trump’s November win, the stock market appears to have reverted to a narrow tech-led move in recent days.
The main draw of this week is the Federal Open Market Committee’s meeting on Tuesday and Wednesday, when Federal Reserve officials are widely expected to lower the benchmark interest rate again.
On Monday, investors will get some updated economic data, with preliminary purchasing managers index readings due out before the bell.
And on the individual stock level, shares of MicroStrategy could be on the move after the bitcoin proxy was announced as a new addition to the NASDAQ 100 index.
In Japan, the Nikkei 225 lost 13 points Monday, while in Hong Kong, the Hang Seng fell 0.9%
Oil prices shed 59 cents to $70.70 U.S. a barrel.
Gold prices slid $3.90 to $2,679.70 U.S. an ounce.