12.01.202613:23:15UTC+00Canadian Stocks Set to Open Mixed

On Monday, futures associated with Canada's S&P/TSX Composite index demonstrated mixed performance. This was largely influenced by the volatile pre-market activity among major commodity producers, stemming from increased demand for safe-haven investments amidst ongoing uncertainties concerning energy supplies for North American markets. Mining companies were poised for a strong start, as a global shift towards gold assets, away from those denominated in dollars, gained momentum. This shift followed the US Department of Justice's subpoena of Federal Reserve Chairman Powell regarding renovations at the Federal Reserve, which is perceived as an effort by the administration to assert greater control over the Federal Open Market Committee (FOMC). Conversely, oil companies showed a mixed response, juggling the effects of rising crude prices—prompted by geopolitical tensions in Iran—against the prospect of increased market presence of Venezuelan oil products in the US. Additionally, significant banks were under careful observation, as the imminent earnings reports from Wall Street firms this week are expected to provide valuable insights into the operations of Canadian banks within the region.