TSX futures tick up on commodities boost

(Reuters) – Futures for Canada’s resource-heavy stock index edged up on Monday as prices of oil and gold rose, with focus on an impending interest rate hike by the U.S. Federal Reserve this week.

September futures on the S&P/TSX index were up 0.3% at 7:10 a.m. ET.

Gold prices rose on Monday as the dollar slipped, while crude prices gained as supply fears outweighed market expectations that a rise in U.S. interest rates would weaken fuel demand. [GOL/][O/R]

The Fed is expected to raise interest rates by another 75 basis points on Wednesday.

Futures tied to the central bank’s policy rate signaled on Monday that benchmark interest rates will peak in January 2023, a month earlier and about 20 bps lower at 3.38% compared with last week.

The Toronto Stock Exchange’s S&P/TSX composite index ended 0.4% lower on Friday, having notched near one-month highs earlier in the session.

A five-session rally that preceded Friday, saw the index post its best weekly performance in nearly 1-1/2 years. [.TO]

Dow e-minis were up 157 points, or 0.49%, at 07:10 a.m. ET, while S&P 500 e-minis were up 19 points, or 0.48% and Nasdaq 100 e-minis were up 55 points, or 0.44%. [.N]

TOP STORIES [TOP/CAN]

Rogers Communications Inc said on Sunday it would invest C$10 billion ($7.74 billion) over the next three years in Artificial Intelligence (AI), and more testing and oversight, just weeks after the company reported network issues that caused widespread disruptions across the country.

Canada’s antitrust agency said on Friday it needed more time to investigate the concession offered by Rogers to allay competition concerns over its proposed C$20 billion ($15.5 billion) takeover of Shaw Communications Inc’s, a move that Rogers swiftly opposed.

ANALYST RESEARCH HIGHLIGHTS [RCH/CA]

Rogers Communications Inc: JP Morgan cuts target price to C$80 from C$90

Toromont Industries Ltd: Scotiabank cuts price target to c$120 FROM C$126

COMMODITIES AT 7:10 a.m. ET

Gold futures: $1,729.2.; +0.1% [GOL/]

US crude: $95.54; +0.9% [O/R]

Brent crude: $104.13; +0.9% [O/R]

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report [.TO]

Canadian dollar and bonds report [CAD/] [CA/]

Reuters global stocks poll for Canada

Canadian markets directory

($1= C$1.2873)

(Reporting by Susan Mathew and and Anisha Sircar in Bengaluru; Editing by Vinay Dwivedi)

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