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Futures tracking Canada’s resources-heavy stock index climbed on Friday as prices of most metals and crude rose after optimistic economic data from China boosted demand and recovery hopes.
The TSX rocketed 287.89 points, or 1.4%, to conclude Thursday at 20,566.83, its highest level in six weeks,
September futures were up 0.5% Friday.
The Canadian dollar dipped 0.02 cents to 73.96 cents U.S.
Prime Minister Justin Trudeau on Thursday said he had summoned the country’s top grocers to help solve the surging food prices and vowed to cut federal taxes on new rental buildings as consumers battle high prices.
On the economic schedule, Statistics Canada said foreign investment in Canadian securities totalled $11.6 billion in July, a fourth consecutive month of strong investment. Meanwhile, Canadian investors acquired $2.6 billion of foreign securities, down from a $14.4-billion investment in June.
New motor vehicle sales totaled 147,401 in July, compared to 168,590 in the prior-year month.
The Canadian Real Estate Association said national home sales declined 4.1% month-over-month in August. Actual (not seasonally adjusted) monthly activity came in 5.3% above August 2022.
ON BAYSTREET
The TSX Venture Exchange jumped 4.31 points Thursday to 587.21.
ON WALLSTREET
Stock futures ticked up on Friday after markets rallied on the back of the latest IPO debut.
Futures for the Dow Jones Industrials picked up 44 points, or 0.1%, to 35,301.
Futures for the S&P 500 were ahead 1.75 points at 4,556.75.
Futures for the NASDAQ fell 20.5 points, or 0.1%, to 15,647.75.
Adobe fell 1.6% in extended trading even after posting better-than-expected quarterly results. Lennar edged down 0.6% despite a top-and-bottom line beat. The newly debuted Arm Holdings traded near flat in pre-market trading.
Elsewhere, a United Auto Workers strike shut down three key plants impacting operations for GM in Wentzville, Missouri; Ford’s Ranger midsize pickup and Bronco SUV plant in Wayne, Michigan, and Stellantis’ Jepp operation in Toledo, Ohio.
Ford shares fell 1.7% in pre-market trading, GM was off 1.5% while Stellantis rose 0.7%.
Arm soared nearly 25% during its market debut Thursday. The stock opened above its $51 per share IPO price and closed at $63.59, then climbed another 6.3% in pre-market trading Friday.
Investors are looking ahead to another packed day for economic data. This includes a preliminary September consumer sentiment reading, as well as import and export prices for August. Industrial and manufacturing production data for August are also due.
Stocks are headed for a winning week, with the Dow on pace for a nearly 1% gain and its second positive week in three. The S&P and NASDAQ have jumped about 1.1% and 1.2%, respectively, putting them on track for their third positive weeks in four.
In Japan, the Nikkei 225 index leaped 1.1% Friday, while in Hong Kong, the Hang Seng was ahead 0.8%.
Oil prices gained 22 cents to $90.38 U.S. a barrel.
Gold prices improved $6.30 to $1,939.10.
