Futures tracking Canada’s main stock index inched higher on Monday ahead of crucial economic data in the week, while investors exercised some caution after reports Prime Minister Justin Trudeau likely to announce resignation.
The TSX gained 175.51 points to close Friday at 25,073.84; on the abbreviated week, the index gained 277 points, or 1.12%.
The Canadian dollar inched up 0.06 cents to 69.81 cents U.S.
March futures jumped 0.4% Monday.
Calls for Trudeau to step aside have grown since December, when his closest ally Chrystia Freeland resigned as the country’s finance minister after clashing with him on issues including how to handle possible U.S. tariffs.
Separately, focus will be on the domestic employment data, scheduled to release on Friday, to gauge the Canadian economy’s health and the interest rate path of the Bank of Canada. Traders are anticipating a near 70% chance for a 25-basis-point rate cut.
ON BAYSTREET
The TSX Venture Exchange shot higher 5.94 points, or 1%, to 623.29, for a ride upward of 25.4 points, or 4.25% on the week.
ON WALLSTREET
Stock futures rose Monday as investors looked ahead to jobs data in another shortened trading week.
Futures for the Dow Jones Industrials jumped 70 points, or 0.2%, to 42,764.
Futures for the S&P 500 Index surged 7.5 points, or 0.1%, to 5,924.
Futures for the NASDAQ Composite index gained 44.5 points or 0.2%, to 21,212.
Chip stocks led the early gain after Foxconn announced record fourth-quarter revenue. Nvidia rose more than 1.5% and Broadcom advanced 2.5% while Micron Technology tacked on 4.8%.
Constellation Brands, Walgreens Boots Alliance and Delta Air Lines will also report earnings toward the end of the week.
Investors are entering another shortened trading week – which will wrap the next of the first five January trading days – on a wobbly note and with lingering concerns about the Federal Reserve’s interest rate projections. The New York Stock Exchange will be closed Thursday to mourn the death of former President Jimmy Carter.
The December jobs report is due out Friday, and will be one of the last key pieces of data before the Fed meeting at the end of this month.
Investors are also watching the Job Openings and Labor Turnover Survey (JOLTS) Tuesday and December ADP Employment Survey Wednesday.
In Japan, the Nikkei returned to trading with a loss of 1.5%, while in Hong Kong, the Hang Seng index ducked 0.4%.
Oil prices soared 47 cents to $74.43 U.S. a barrel.
Gold prices added one dollar to $2,655.70 U.S. an ounce.
