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Oil fell by more than $1 a barrel on Monday following weaker-than-expected factory activity data out of China and on concerns that its widening COVID-19 curbs will curtail demand. Oil is one of Canada’s major exports. [O/R]
Prices of base metals dropped on weaker manufacturing data and rising COVID cases in China, while gold fell due to a stronger dollar and elevated U.S. bond yields. [GOL/] [MET/L]
Futures for the S&P/TSX index edged 0.3% lower at 06:40 a.m. ET, while their U.S. counterparts fell as investors awaited another jumbo-sized interest rate hike by the Fed. [.N]
The U.S. central bank is widely expected to deliver a 75-basis-point hike on the heels of a smaller-than-expected 50 bps hike by the Bank of Canada last week.
Investors also await Capital Power Corp’s third-quarter results.
The National Bank of Canada (OTC:NTIOF) and Canadian Imperial Bank of Commerce (CIBC) have dropped out as bidders for HSBC Holdings (NYSE:HSBC) PLC’s business in Canada, while Bank of Montreal is still pursuing it, according to a report in the Globe and Mail newspaper.
The Toronto Stock Exchange’s S&P/TSX composite index extended its rally to a sixth straight day and closed at its highest in six weeks on Friday. (TO)
($1 = 1.3639 Canadian dollars)
