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CANADA STOCKS-TSX futures down ahead of economic data; oil slides
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CANADA STOCKS-TSX futures down ahead of economic data; oil slides
Oct 2, 2024 10:02 PM

Oct 1 (Reuters) - Futures for Canada's main stock index

edged lower on Tuesday ahead of domestic and the U.S. economic

data that will provide insights on their interest rate paths,

while oil prices slid on prospects of additional supply.

December futures on the S&P/TSX index were down

0.1% at 6:25 a.m. ET (1025 GMT).

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

ended higher on Monday, notching its best quarter in

four years, boosted by energy and technology shares.

For September, the index rose 2.8%, while it was up 9.7% in

the third quarter, as the Bank of Canada cut interest rates

three times since June and after the Federal Reserve began its

own easing campaign last month.

For the day, energy sector will continue to remain

in focus as oil futures took a beating after a

stronger supply outlook and concerns of tepid global demand

outweighed fears over escalating conflict in the Middle East.

Materials group, which houses Canada's base and precious

metal miners, could see an impact after base metals ticked up,

rebounding from losses in the previous session triggered by

profit taking, as China's stimulus provided a cushion.

Gold prices were up and hovered below the record peak after

the U.S. Federal Reserve Chair Jerome Powell tempered

expectations for more hefty interest rate cuts this year.

Across the border, futures tied to Wall Street's main

indexes were mixed as investors awaited the U.S. jobs opening

data that will provide a more clear direction for the markets.

Back home, investors will closely monitor S&P Global's

manufacturing Purchasing Managers' Index (PMI) later in the day

for more clues on the health of the Canadian economy.

COMMODITIES AT 6:25 a.m. ET

Gold futures: $2660.0; +0.5%

US crude: $67.61; -0.8%

Brent crude: $71.21; -0.7%

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