(Reuters) – Futures for Canada’s main stock index edged higher on Monday, aided by gains in the prices of safe-haven assets like bullion, as investors returned to markets plagued by uncertainty in the global financial sector.
Global investor sentiment was jittery following an emergency weekend rescue of banking heavyweight Credit Suisse that failed to calm investors and raised angst about the stability of the global financial system. [MKTS/GLOB]
Prices of crude oil were hit by worries that the global banking uncertainty could ward off demand, while contracts attached to gold prices rose as investors rushed to the safe-haven asset. [O/R] [GOL/]
March futures on the S&P/TSX index, which tracks commodity prices, were up 0.3% at 7:10 a.m. ET.
Among stock news, Credit Suisse upgraded its rating on Brookfield Corp to “outperform” from “neutral.”
Meanwhile, brokerage ATB highlighted considerable liquidity, dilution and going-concern risks for pot stock Hexo Corp.
Later in the week, investors also await February domestic consumer inflation data and January retail sales data.
The Toronto Stock Exchange’s S&P/TSX composite index ended 0.7% down on Friday and hit its lowest weekly levels this year, weighed down by financials. [.TO]
Dow e-minis were up 13 points, or 0.04% at 7:10 a.m. ET, while S&P 500 e-minis were up 2.25 points, or 0.06%, and Nasdaq 100 e-minis were up 2.5 points, or 0.02%. [.N]
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1,983.3; +0.5% [GOL/]
US crude: $65.58; -1.7% [O/R]
Brent crude: $71.62; -1.8% [O/R]
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report [.TO]
Canadian dollar and bonds report [CAD/] [CA/]
Reuters global stocks poll for Canada
Canadian markets directory
($1 = 1.3722 Canadian dollars)
(Reporting by Johann M Cherian in Bengaluru; Editing by Pooja Desai)
