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CANADA STOCKS-TSX futures fall as commodities dip; investors eye key inflation data
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CANADA STOCKS-TSX futures fall as commodities dip; investors eye key inflation data
Apr 16, 2024 4:38 AM

April 16 (Reuters) - Futures for Canada's main stock

index tumbled on Tuesday as oil and metal prices ticked lower,

with investors wary ahead of a key domestic inflation reading

and ongoing Middle East tensions.

June futures on the S&P/TSX index were down 0.7% at

6:43 a.m. ET (10:43 GMT), mirroring losses in their Wall Street

counterparts.

Energy shares could see another session of decline as oil

edged lower after easing supply concern and escalating Middle

East tensions offset data showing faster than expected growth in

China's economy.

Spot gold prices also fell amid high U.S. Treasury

yields, while most non-ferrous metals dipped on a stronger

dollar and disappointing economic data from China.

A monthly reading of the consumer prices index (CPI) in

Canada is on the radar, which will have investors adjusting

their bets on the timing of interest rate cuts by the Bank of

Canada in the year.

The dataset follows BoC Governor Tiff Macklem's hint that

the central bank was open to commencing the easing cycle in June

if the recent cooling trend in inflation was sustained.

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

ended 0.7% lower on Monday, its lowest closing level

in over a month.

The sell-off was driven by climbing long-term borrowing

costs and investor worry that the country's federal budget, due

on Tuesday at 4:00 p.m. EDT, would propose raising taxes and

re-apportion money.

On the corporate front, Tamarack Valley Energy ( TNEYF )

temporarily shut its oil output production following a fire at a

Canadian Natural Resources Ltd ( CNQ ) gas plant in Alberta,

the companies said on Monday.

Meanwhile, in the U.S., Bank of America's ( BAC )

first-quarter profit fell as the lender earned less from

customer interest payments.

COMMODITIES AT 6:43 a.m. ET

Gold futures: $2,374.3; +0.1%

US crude: $85.21; -0.2%

Brent crude: $89.93; -0.2%

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