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CANADA STOCKS-TSX futures edge down amid oil dip as market awaits BoC rate decision
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CANADA STOCKS-TSX futures edge down amid oil dip as market awaits BoC rate decision
Dec 10, 2024 4:16 AM

Dec 10 (Reuters) - Futures tied to Canada's main stock

index nudged down on Tuesday as oil prices eased, while cautious

investors awaited the Bank of Canada's interest rate decision

due later in the week.

December futures on the S&P/TSX index fell 0.14% at

6:12 a.m. ET (11:12 a.m. GMT).

The BoC is widely anticipated to cut policy rate by an

outsized half percentage point on Wednesday. The expectations

jumped after Friday's jobs data showed a sharp rise in the

country's unemployment rate.

Though Canada's inflation remains right within the central

bank's 2% target range, investors have expressed concerns about

its dismal economic growth.

The central bank has reduced rates by 125 bps since June,

nearly double that of its southern neighbour, the U.S. Federal

Reserve.

In commodities, oil prices slipped as concerns eased about

the fallout from the overthrow of Syria's president.

Gold prices rose owing to escalating geopolitical tensions

in the Middle East and expectations of a U.S. rate cut this

month.

On the other hand, copper prices slipped against a firm U.S.

dollar, while dismal trade numbers from top consumer China also

weighed.

The composite index ended lower on Monday, pulling

back from intraday record high, as technology and industrial

shares lost ground.

Across the border, investors awaited the consumer price

index (CPI) data due on Wednesday that could cement another rate

cut by the Federal Reserve next week.

Bets for a 25-basis-point cut next week stand at over 86%.

In corporate news, food retail and distribution company

North West Company ( NNWWF ) missed third-quarter revenue

estimates.

COMMODITIES

Gold: $2,672.73; +0.52%

US crude: $67.80; -0.83%

Brent crude: $71.62; -0.72%

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory

($1 = 1.4169 Canadian dollars)

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