Futures tracking Canada's resources-heavy stock index were muted on Tuesday, as gold prices eased from a record high in the previous session and investors awaited key U.S. inflation data for clues on the monetary policy path.
The TSX acquired 261.77 points to close Monday at 32,874.70.
The Canadian dollar decreased 0.11 cents to 72.05 cents U.S.
March futures eked up 0.02% Tuesday.
The benchmark closed at a fresh peak for the second straight session on Monday, lifted by mining stocks, as a Trump administration probe into U.S. Federal Reserve Chair Jerome Powell sparked concerns over the central bank's independence and boosted demand for precious metals.
On the economic scene, Statistics Canada reports in November, the total value of building permits issued in Canada decreased by $1.8 billion (-13.1%) to $12.0 billion.
Canada is also seeking to diversify trade away from its main market, the U.S., due to uncertain trade policies. Prime Minister Mark Carney is expected to arrive in China on Tuesday, the first visit by a Canadian leader to the Asian nation since 2017.
ON BAYSTREET
The TSX Venture Exchange leaped 39.19 points, or 3.7%, Monday to 1,091.37.
ON WALLSTREET
Stock futures ticked lower Tuesday as investors awaited the release of consumer inflation data and weighed key earnings results.
Futures for the Dow Jones Industrials sagged 37 points, or 0.1%, to 49,777.
Futures for the S&P 500 index shed seven
points, or 0.1%, at 7,009.50.
Futures for the NASDAQ withered 54 points, or 0.2%, to 25,902.75.
Investors are also looking to Corporate America as the earnings season kicks off. JPMorgan Chase rose more than 1% after the banking giant posted a better-than-expected profit for the fourth quarter. Delta Air Lines, however, shed more than 5% on mixed results.
Bank of America, Citigroup and Morgan Stanley are due to report later this week.
Wall Street is coming off a record setting session, with the S&P 500 and Dow hitting all-time highs as investors moved past news of the Department of Justice’s criminal investigation into Federal Reserve Chair Jerome Powell.
The consumer price index report is expected to give a fuller picture of prices after disruptions caused by the prolonged U.S. government shutdown last fall.
Economists expect the report to show prices rose 2.7% in the 12 months ending in December, according to Dow Jones consensus estimates. That would be in line with the lower-than-expected November CPI results.
Eyes are on the CPI after the December jobs report reflected a slightly weakening, yet stable, labor market that likely encouraged the Federal Reserve to hold off on interest rate cuts. Fed funds futures are pricing in two quarter point cuts this year, starting in June
Markets in Japan exploded after a long weekend, gaining 3.1% Tuesday, while in Hong Kong, the Hang Seng gathered 0.9%.
Oil prices picked up $1.12 to $60.62 U.S. a barrel.
Gold prices went down $22.10 at $4,592.60 U.S. per ounce.
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