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CANADA STOCKS-TSX eyes lower open as commodity prices slip; Fed minutes on tap
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CANADA STOCKS-TSX eyes lower open as commodity prices slip; Fed minutes on tap
May 22, 2024 4:06 AM

May 22 (Reuters) - Futures for Canada's main stock index

eased on Wednesday, pressured by lower prices of most

commodities, while investors awaited minutes of the U.S. Federal

Reserve's last policy meeting for clues on the timing of its

monetary policy easing.

June futures on the S&P/TSX index were down 0.2% at

6:05 a.m. ET (10:05 GMT).

The materials index, which led gains in the

previous session, could slip as prices of most base and precious

metals fell.

Copper prices fell on softening physical demand and higher

inventories in top consumer China, while gold prices slipped as

investors strapped in for minutes from the Fed's April 30- May 1

policy meeting for further insights on the timeline for interest

rate cuts.

The energy index could also inch downwards on

lower crude prices over expectations of higher-for-longer U.S.

interest rates, potentially impacting fuel use in the world's

largest consumer.

Meanwhile, investors also look forward to the long-awaited

earnings report and accompanying commentary from AI bellwether

Nvidia ( NVDA ), due later in the day.

The Toronto Stock Exchange's S&P/TSX composite index

ended higher on Tuesday, recording fresh all-time

highs on strength from commodity-linked stocks.

Dow e-minis were down 34 points, or 0.08% at 6:04

a.m. ET, while S&P 500 e-minis were down 7 points, or

0.13% and Nasdaq 100 e-minis were down 19.25 points, or

0.1%.

In company news, Power Corporation of Canada ( PWCDF ) has

shut its China investment unit and dismissed all staff, becoming

the latest Western financial firm to pull back amid the

country's economic challenges.

Copper miner Hudbay Minerals ( HBM ) plans to raise $300.2

million in an equity offering to help fund near-term growth

initiatives at its Copper Mountain unit, among other purposes.

COMMODITIES AT 6:04 a.m. ET

Gold futures: $2,419.8; -0.3%

US crude: $78.08; -0.7%

Brent crude: $82.34; -0.7%

($1= C$1.3652)

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