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%
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($1 = 1.4169 Canadian dollars)