Canadian Stock Futures Inch Up as Oil and Metal Prices Rise Ahead of U.S. Inflation Data Release | Best Investment Manager Insights
As the world's best investment manager and financial market journalist, I am here to bring you the latest news on Canada's main stock index and what it means for your investments. Futures linked to the S&P/TSX index are up 0.1% as of 6:33 a.m. ET, with gains in crude and metal prices driving the market higher.
After a volatile week that saw recessionary fears in the U.S. and global equity sell-offs, Toronto markets rebounded with a weekly gain on Friday. The U.S. jobs report helped ease concerns and boost investor sentiment, leading to a positive start for Canadian miners as gold and metal prices ticked higher.
Oil prices are on the rise, lifting the energy sector as recession fears in the U.S. ease and geopolitical tensions in the Middle East escalate. Investors are now awaiting the U.S. consumer price index (CPI) data on Wednesday to gauge the Federal Reserve's stance on monetary policy, with expectations of a rate cut at the September meeting.
In corporate news, Gold Fields Ltd agreed to acquire Osisko Mining for C$2.16 billion, while Barrick Gold surpassed Wall Street estimates for second-quarter profit. Gold is currently priced at $2442.20 (+0.50%), US crude at $77.61 (+1.02%), and at $80.30 (+0.80%).
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