June futures on the S&P/TSX index were down 0.2% at 6:53 a.m. ET.
The price of gold fell to its lowest level since mid-February as the rising dollar and an impending Fed interest rate hike reduced the attractiveness of bullion as a hedge against inflation [GOL/].
Oil has slipped under pressure from COVID-19 lockdowns in China that could weigh on demand, but it is finding support in a possible European oil embargo on Russia over its invasion of Ukraine. [O/R]
Investors expect the Fed to raise rates by 50 basis points at the end of a two-day meeting on Wednesday, although there is uncertainty over Chairman Jerome Powell’s hawkish stance in comments following the news. decision.
The Toronto Stock Exchange’s S&P/TSX composite index ended up 0.3% at 20,692.22 on Monday. [.TO]
Dow e-minis were down 133 points, or 0.4% as of 6:53 a.m. ET, while S&P 500 e-minis were down 16.25 points, or 0.39% and e-minis Nasdaq 100 minis were down 49.5 points, or 0.38%. [.N]
TOP STORIES [TOP/CAN]
Nutrien Ltd on Monday raised its full-year profit forecast to well above estimates after posting a more than 10-fold increase in profit in the first quarter, with the world’s largest fertilizer company benefiting strongly from the skyrocketing crop nutrient prices.
Restaurant Brands International Inc beat quarterly revenue estimates on Tuesday, spurred by higher prices and increased traffic at Burger King’s parent company restaurant chains as more consumers leave their homes and return to their usual habits. -pandemic.
ANALYSTS RESEARCH HIGHLIGHTS [RCH/CA]
Air Canada: Citigroup raises the price target from CA$24.5 to CA$25.5.
Cargojet Inc: ATB Capital Markets raises target price from C$225 to C$230.
TMX Group Lte: National Bank of Canada raises target price from C$139 to C$141.
AMENITIES 7:00 a.m. ET
Gold futures: $1857.4; -0.33% [GOL/]
US Crude Oil: $104.25; -0.87% [O/R].
Brent Crude Oil: $106.58; -0.93% [O/R]
US ECONOMIC DATA EXPECTED TUESDAY
1000 ex-defense Durables, R mm for Mar: Previously 1.2%.
1000 Durable goods, R mm for Mar: Prior 0.8%
1000 Manufacturing orders mm for Mar: Expected 1.1%; Anterior -0.5%.
1000 Durable goods ex-transport R mm for Mar: Previous 1.1%
1000 Cap non-defense ex-air R mm for Mar: Previous 1.0%
1000 Ex-transport factory mm for Mar: Previous 0.4%
1000 JOLTS Job Openings for Mar: Expected 11,000 mln; Previous 11.266 mln
FOR NEWS FROM CANADIAN MARKETS, CLICK ON THE CODES:
TSX Market Report [.TO]
Report on the dollar and Canadian bonds [CAD/] [CA/]
Reuters Global Equity Survey for Canada
Canadian Markets Directory
($1= C$1.29)