TSX May Open Higher As Metals Rise

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Canada's benchmark index looked set to open higher on Tuesday after gold, silver, and copper prices rose, benefiting from the weakness in the U.S. currency, although falling oil prices may limit gains.

Stock futures for the March quarter on the S&P TSX index were up 0.3% recently.

The U.S. dollar slipped slightly following the CPI data, which came in at consensus expectations. USD-JPY dipped a few points to 107.10, while EUR-USD rallied to 1.2365 from 1.2340. Equity futures added to prior gains, while yields eased. U.S. CPI rose 0.2% in February and 2.2% y/y.

Meanwhile, oil prices were down early Tuesday for the second-straight session after the Energy Information Administration reported a day earlier that U.S. shale-oil output is expected to rise by 131,000 barrels per day next month.

News out of the U.S. may also curb gains, as U.S. President Donald Trump ousted Secretary of State Rex Tillerson, appointing Central Intelligence Agency Director Mike Pompeo as replacement.

The TSX gained 26 points on Monday, with healthcare stocks leading the way.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Stocks

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