TSX set to snap eight-day losing streak, Industrials rise
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Canada’s main stock index seemed on track to snap an eight-day losing streak as TSX moved higher on Monday after Air Canada’s annual profit forecast lifted the industrial sector while investor sentiment was optimistic ahead of a week full of scheduled economic data.
At 10:32 a.m. ET (14:32 GMT), the Toronto Stock Exchange’s S&P/TSX composite index (.GSPTSE) was up 53.76 points, or 0.29%, at 18,791.15.
Air Canada (AC.TO) said it expects 2023 core profit towards the higher range of its previous forecast after strong demand for international travel helped the carrier beat third-quarter profit estimates.
Although the airline company reversed early gains to fall 2.2%, the broader industrial (.GSPTTIN) sector added 1.0%, its biggest jump in over six weeks.
Markets will closely monitor Canada’s GDP for August and manufacturing data for October slated for later in the week.
“There is a lot of fear that Canada is already getting close to entering a recession, so the GDP number is going to be important,” said Greg Taylor, chief investment officer at Purpose Investments.
Investors will also be keeping tabs on the U.S. Federal Reserve’s crucial monetary policy meeting on Wednesday, where the central bank is widely expected to keep interest rates unchanged, boosting shares of rate-sensitive sectors.
The information technology (.SPTTTK) index was up 0.7%, while financials (.SPTTFS) added 0.9%.
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