(Reuters) - Futures for Canada's main stock index inched higher on Monday tracking a recovery in global markets as they recouped some losses from the previous week on easing Middle East tensions, while a fall in commodity prices capped gains.
June futures on the S&P/TSX index were up 0.3% at 6:45 a.m. ET (10:45 GMT), mirroring gains in their Wall Street peers. [.N]
World stocks recovered some losses on Monday as investors reversed some of their more defensive positions taken going into the weekend on fears of a wider Middle East conflict.
The Toronto Stock Exchange's S&P/TSX composite index had, however, ended up 0.5% on Friday, as energy and interest rate-sensitive shares notched gains. [.TO]
The index pared some of its weekly decline, ending 0.4% lower.
On the commodities front, gold prices fell more than 1% as easing fears of a wider Middle East conflict boosted investors' risk appetite, while copper prices moved upwards. [GOL/] [MET/L]
Oil prices also dropped over 1%, as the market focus switched to fundamentals after Israel and Iran played down the risk of an escalation of hostilities in the region. [O/R]
Data-wise, a March reading of key inflation data is due in the U.S. later in the week, alongside retail sales numbers for the month in Canada.
Investors will monitor the datasets for more clues on the timing of interest rate cuts in the year by central banks at home and the U.S.
Big tech companies in the U.S., including Microsoft, Alphabet and Meta, are reporting their quarterly earnings this week.
Meanwhile, miners like First Quantum and Teck Resources, among others, are set to report their figures in Canada.
In company news, Gildan Activewear recommended the election of two Browning West nominees to its board on Monday, ahead of its annual and special shareholder meeting on May 28.
COMMODITIES AT 6:45 a.m. ET
Gold futures: $2,360.3; -1.7% [GOL/]
US crude: $82.81; -0.4% [O/R]
Brent crude: $86.74; -0.6% [O/R]
(Reporting by Purvi Agarwal in Bengaluru; Editing by Ravi Prakash Kumar)
