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CANADA STOCKS-Toronto market eyes higher open on gold boost
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CANADA STOCKS-Toronto market eyes higher open on gold boost
Apr 15, 2024 4:33 AM

April 15 (Reuters) - Futures for Canada's main stock

index inched up on Monday, supported by rising gold prices,

after it logged its worst day in nearly two months in the

previous session.

June futures on the S&P/TSX index were up 0.2% at

6:43 a.m. ET (10:43 GMT), mirroring gains in their Wall Street

peers.

The Toronto Stock Exchange's S&P/TSX composite index

fell 0.95% on Friday, in its biggest decline since

February, as investors took stock of recent gains and the risk

of a wider conflict in the Middle East.

The index posted a weekly decline of 1.6%, snapping its

eight-week winning streak after hotter-than-expected inflation

data threw cold water on hopes that the Federal Reserve would

begin cutting interest rates as early as June.

Commodity-wise, spot gold prices hovered near

record-high levels on Monday, as traders monitored developments

surrounding the Middle East conflict, prompting safe-haven

buying of assets, while copper prices drifted higher.

Meanwhile, oil prices slipped about 1%, with the market

downplaying the risk of broader regional conflagration after

Iran's attack on Israel.

On the data front, a March reading of retail sales, due in

the U.S. at 8:30 a.m. ET, could provide some insight on the

state of consumer spending in the economy.

Across the border, big banks kickstarted another earnings

season on Friday. Goldman Sachs ( GS ) and brokerage Charles

Schwab ( SCHW ) are due to report their quarterly figures before

the bell on Monday.

In Canadian corporate news, proxy advisory firms ISS and

Glass Lewis have recommended investors in Canada's Rogers

Communications ( RCIAF ) to vote against reappointing Chairman

Edward Rogers due to lack of enough women on the company's

board, Bloomberg News reported on Friday.

COMMODITIES AT 6:43 a.m. ET

Gold futures: $2,354; -0.3%

US crude: $84.9; -0.9%

Brent crude: $89.74; -0.8%

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