Futures for Canada's main stock index edged higher on Tuesday, tracking gains in base and precious metal prices, while investors kept an eye out for big bank earnings in Canada due this week. March futures on the S&P/TSX index were up 0.2% at 7:10 a.m. ET (12:10 GMT).
Material stocks were poised to rebound from previous-session losses on Tuesday as gold prices gained on a weaker dollar and bond yields, while copper prices rose for the first time in three sessions on hopes of economic stimulus from top consumer China.
Oil prices were largely stable as investors weighed up signals of a Gaza ceasefire against the reality on the ground in the Middle East. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE), opens new tab ended 0.4% down on Monday, dragged by declines in material stocks. Investors will assess quarterly earnings from Canada's big banks expected throughout the week. The financial stocks weigh the heaviest on Canada's benchmark index.
Bank of Nova Scotia (BNS.TO), opens new tab on Tuesday reported a rise in first-quarter profit, as the higher interest rates helped the lender earn more on loans.
However, Bank of Montreal (BMO.TO), opens new tab reported a fall in its first-quarter adjusted profit, as the bank set aside a large reserve against potential credit losses in a turbulent economy.
The Royal Bank of Canada (RY.TO), opens new tab, Toronto-Dominion Bank (TD.TO), opens new tab and the National Bank of Canada (NA.TO), opens new tab, among others, are also set to report their quarterly results in the week.
On the data front, a January reading of personal consumption expenditures price index (PCE) in the U.S. and Canada's gross domestic product (GDP) data are due on Thursday, which could influence the monetary policy decisions from both the central banks.
