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%