July 24 (Reuters) - Futures linked to Canada's main
stock index fell on Wednesday ahead of the Bank of Canada's
interest-rate decision due later in the day, while miner Teck
Resources ( TECK ) beat second-quarter profit estimates.
The S&P/TSX 60 futures were down 0.27% as of 06:59
a.m. ET (1059 GMT).
Investors will be focussed on the BoC's monetary policy
meeting at 9:45 a.m. ET. Given the decline in inflation in June,
the Canadian central bank is widely expected to trim the rates
one more time.
Money markets see an 87.7% chance of a rate cut at
Wednesday's meeting and anticipate one more cut later this year.
The Toronto Stock Exchange's materials sector would be in
focus as copper prices hovered around a three-and-a-half month
low amid demand worries in China.
Gold prices inched higher as investors awaited U.S.
manufacturing data from S&P Global that could influence the
timeline of the Federal Reserve's rate-cut decisions.
The energy sector was set to rebound as oil prices snapped
three straight sessions of decline.
Across the border, Wall Street futures fell as quarterly
earnings from Tesla and Alphabet failed to impress investors.
In corporate news, Canadian miner Teck Resources ( TECK )
beat second-quarter profit estimates, helped by higher
production of copper at its Quebrada Blanca mine in Chile and an
increase in copper prices.
COMMODITIES
Gold: $2413.50; +0.18%
US crude: $77.58; +0.81%
Brent crude: $81.57; +0.69%
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($1 = 1.3791 Canadian dollars)