off-the-wire

CANADA STOCKS-TSX set to begin week on tepid note

Kitco Media
By Reuters
Published:
Updated:
Reuters
May 1 (Reuters) - Futures for Canada's main stock index was muted on Monday as investors exercised caution ahead of rate hike decisions by major central banks later in the week. The U.S. Federal Reserve and the European Central Bank are expected to err on the side of caution and hike rates by 25 basis points each, in their ongoing attempts to tame inflation.


June futures on the S&P/TSX index were up 0.08% at 7:22 a.m. ET. Traders also await April domestic manufacturing data, due at 9:30 am ET. Factory activity contracted to 48.6 in March as economic uncertainty weighed on output and new orders.


Contracts tied to crude oil prices and bullion prices traded in the red as uncertainty about demand for raw materials loomed ahead of the Fed's rate hike decision. Among company news, energy pipeline operator TC Energy Corp said it has completed repairs on a portion of its Columbia Gulf Transmission gas transmission line in Mississippi that was halted earlier. Pipeline operator Enbridge Inc said it would acquire Aitken Creek natural gas storage facility in British Columbia (B.C.) from FortisBC Holdings Inc for C$400 million ($294.68 million). Postal services firm Cargojet Inc reported disappointing results for the first quarter.


On Friday, the Toronto Stock Exchange's S&P/TSX composite index ended 0.6% higher, aided by gains in the energy sector. Dow e-minis were up 5 points, or 0.01%, at 7:22 a.m. ET, while S&P 500 e-minis were down 1 point, or 0.02%, and Nasdaq 100 e-minis were down 6.25 points, or 0.05%. COMMODITIES AT 7:22 a.m. ET


Gold futures : $1,998; -0.08% US crude : $75.06; -2.23% Brent crude : $78.67; -2.08% U.S. ECONOMIC DATA DUE ON MONDAY April S&P Global Manufacturing PMI data due at 9:45 am ET April ISM manufacturing PMI data due at 10:00 am 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 = 1.3579 Canadian dollars) (Reporting by Johann M Cherian in Bengaluru; Editing by Krishna Chandra Eluri)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.