off-the-wire

CANADA STOCKS-TSX set to start week lower as precious metals weigh

Kitco Media
By Reuters
Published:
Updated:
Reuters
April 10 (Reuters) - Canada's main stock index was set to open lower on Monday as futures of the commodity-heavy bourse tracked weaker precious metal prices. June futures on the S&P/TSX index were down 0.1% at 7:26 a.m. ET. Contracts tied to gold and silver prices edged lower after U.S. employment data in the previous week pointed to a still-strong labour market, raising expectations of another interest rate hike by the Federal Reserve in May. Oil prices were marginally up on tight supply hopes, amid investor concerns over global growth. Canadian miner Teck Resources Ltd said Glencore's bid for it was "not actionable and bad" for shareholders, while recommending that they vote for its own restructuring plan instead. Entrepreneur Pierre Lassonde said he was planning to buy a blocking stake in Elk Valley Resources, the steel-making coal unit to be spun off by Teck, as per a report over the weekend.


Brokerage Scotiabank upgraded Kelt Exploration Ltd to "sector outperform" from "sector perform". Later in the week, investors await the Bank of Canada's decision on further monetary tightening. Market participants and analysts largely expect the central bank to retain the benchmark rate at 4.5%. On Thursday, the Toronto Stock Exchange's S&P/TSX composite index ended 0.2% up, as nine of the 10 major sectors climbed. Canadian markets were closed on Friday on account of Good Friday. Dow e-minis were up 29 points, or 0.09%, at 7:24 a.m. ET, while S&P 500 e-minis were down 2.5 points, or 0.06%, and Nasdaq 100 e-minis were down 47 points, or 0.36%. COMMODITIES AT 7:00 a.m. ET


Gold futures : $2,008.6; -0.4% US crude : $80.85; +0.1% Brent crude : $85.24; +0.1% 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 = 1.3492 Canadian dollars) (Reporting by Johann M Cherian in Bengaluru; Editing by Pooja Dedai)

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