Canada’s main stock index rose on Monday, boosted by mining shares tracking higher gold prices, ahead of this week’s domestic inflation data and leading chipmaker Nvidia’s earnings.
The TSX sprinted 188.35 points to reach noon EST Monday at 25,079.03.
The Canadian dollar recovered 0.20 cents to 71.19 cents U.S.
Canadian investors were squarely focused on the consumer price index data due this week, which could provide clues on the Bank of Canada’s move at its December policy meeting.
The BoC slashed interest rates by half a percentage point last month to boost the domestic economy. Traders see a 33.4% chance for another 50-basis-point rate cut next month.
In corporate news, Canadian fund Brookfield plans to offer about seven billion euros ($7.4 billion U.S.) for Spanish drugmaker Grifols after finishing due diligence, according to news website El Confidencial. Brookfield shares slid 38 cents to $79.63.
In matters economic Monday, Canada Mortgage and Housing Corporation reports October housing starts increased 240,800 from 223,400 last year, while Statistics Canada said foreign investors increased their exposure to Canadian securities by $29.3 billion in September, the largest investment since April. Meanwhile, Canadian acquisitions of foreign securities slowed to $4.1 billion, down from a $12.3 billion investment in August.
ON BAYSTREET
The TSX Venture Exchange zoomed 12.12 points, or 2.1%, to 603.34.
All but two of the 12 subgroups were in the green, led by gold, shinier 4%, materials, stronger by 3.1%, and energy, up 1.1%.
The two laggards were consumer staples, down 0.9%, health-care, sliding 0.3%.
ON WALLSTREET
The NASDAQ Composite rallied Monday as Tesla shares surged and Wall Street braced for major market-moving earnings reports.
The Dow Jones Industrials fell 7.55 points to 43,437.44.
The S&P 500 recouped 27.21 points to 5,897.83.
The tech-heavy index zoomed 132.07 points to 18,812.19, as Tesla gained 7%. The electric vehicle maker rose after Bloomberg News reported, citing sources, that President-elect Donald Trump’s team is working on ways to ease regulation on self-driving vehicles.
Tesla spearheaded the tech-heavy index’s rally, popping 7% amid a Bloomberg News report, citing sources, that President-elect Donald Trump’s team is working on ways to ease regulation on self-driving vehicles. Elsewhere, Apple and Netflix rose about 2%, while Advanced Micro Devices surged nearly 4%.
Wednesday’s report from the AI chip darling Nvidia remains top of mind for investors, and could serve as the next major catalyst as traders search for signs of resilient demand for its Blackwell AI chips. Shares slipped 3% after The Information reported that the chips overheat when connected together in servers, citing sources.
Prices for the 10-year Treasury swooned, raising yields to 4.45% from Friday’s 4.44%. Treasury prices and yields move in opposite directions.
Oil prices muscled higher $1.94 to $68.96 U.S. a barrel.
Prices for gold jumped $44.50 an ounce to $2,614.60 U.S.
