TORONTO: Futures for Canada’s main stock index was muted on Monday as investors exercised caution ahead of rate hike decisions by major central banks later in the week. The US Federal Reserve and the European Central Bank are expected to err on the side of caution and hike rates by 25 basis points each, in their ongoing attempts to tame inflation. June futures on the S&P/TSX index were up 0.08% at 7:22 a.m. ET. Traders also await April domestic manufacturing data, due at 9:30 am ET.

Factory activity contracted to 48.6 in March as economic uncertainty weighed on output and new orders. Contracts tied to crude oil prices and bullion prices traded in the red as uncertainty about demand for raw materials loomed ahead of the Fed’s rate hike decision. Among company news, energy pipeline operator TC Energy Corp said it has completed repairs on a portion of its Columbia Gulf Transmission gas transmission line in Mississippi that was halted earlier.