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CANADA STOCKS-TSX futures dip as copper, bond yields weigh
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CANADA STOCKS-TSX futures dip as copper, bond yields weigh
May 9, 2024 4:30 AM

May 9 (Reuters) - Futures for Canada's main stock index

edged lower on Thursday, as a drop in copper prices and higher

bond yields outweighed a rebound in oil, while investors awaited

more cues on the timing of interest rate cuts.

June futures on the S&P/TSX index were down 0.1% at

6:36 a.m. ET (10:36 GMT), mirroring their U.S. counterparts.

Copper prices in London dipped on a stronger dollar but the

slide was capped by China's improved trade data and property

support measures, while gold prices were little changed.

On the brighter side, oil prices rebounded as falling U.S.

crude inventories and a rise in Chinese imports last month

supported higher demand expectations for the two countries.

The yield on Canadian government bonds extended their rise

to a second day, further pressuring sentiment.

Meanwhile, a weekly reading of jobless claims is due in the

United States at 8:30 a.m. ET, which could provide more detail

on the strength of the American labour market.

Data on Friday showed that U.S. jobs growth slowed in April,

which added to bets that the Federal Reserve will commence its

easing cycle in September.

It added to investor sentiment, pushing indexes in the U.S.

and Canada to rally.

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

ended 0.1% lower on Wednesday, snapping its winning

streak, after tech stocks were hammered by Shopify's downbeat

forecast.

In corporate news, Nutrien ( NTR ), the world's biggest

fertilizer producer beat first-quarter profit estimates on

Wednesday.

Manulife Financial Corp ( MFC ) on Wednesday reported

better than expected quarterly profit boosted by a robust

performance in its Asia business and wealth management unit.

COMMODITIES AT 6:36 a.m. ET

Gold futures: $2,316.4; -0.3%

US crude: $79.63; +0.8%

Brent crude: $84.17; +0.7%

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