Two of the top six Canadian banks — Bank of Montreal and Bank of Nova Scotia (Scotiabank) — reported a drop in first-quarter profits and prepared for consumers slipping on payments amid rising concerns of a recession. March futures on the S&P/TSX index were down 0.01% at 7:15 a.m. ET. Gold prices fell, as a climbing dollar made the yellow metal more expensive for consumers, although crude oil prices gained on hopes of demand recovery in top-consumer China. The Toronto Stock Exchange's S&P/TSX composite index ended 0.2% higher in the previous session, but was set to end February lower by 2.4% as more interest rate hikes by the U.S. Federal Reserve weighed on the minds of investors. Oil and gas producer Baytex Energy Corp agreed to buy U.S. peer Ranger Oil Corp for $2.5 billion including debt, as it looks to boost its presence in South Texas' Eagle Ford shale basin.
Imperial Oil Ltd said it is reducing the number of contractors working at its Kearl oil sands site as part of measures to cut operating costs at the project.
Traders will also parse domestic December gross domestic product(GDP) data which is expected to show no signs of expansion or contraction from a 0.1% expansion in the previous month. The data is due at 8:30 a.m. ET. COMMODITIES AT 7:00 a.m. ET
Gold futures : $1,816.7; -0.4% US crude : $76.91; +1.6% Brent crude : $83.48; +1.2% U.S. ECONOMIC DATA DUE ON TUESDAY February U.S. consumer confidence data at 10:00 a.m. ET
FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1 = 1.3561 Canadian dollars) (Reporting by Johann M Cherian in Bengaluru; Editing by Shailesh Kuber)
