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CANADA STOCKS-TSX futures fall as oil prices decline, China stimulus optimism fades
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CANADA STOCKS-TSX futures fall as oil prices decline, China stimulus optimism fades
Oct 10, 2024 11:55 PM

Oct 8 (Reuters) - Futures for Canada's resource-heavy

main stock index fell on Tuesday as crude prices declined over

easing concerns about a supply disruption in the Middle East,

while fading optimism about China's stimulus weighed on metal

prices.

December futures on the S&P/TSX index were down

0.4% at 6:01 a.m. ET (10:01 GMT).

Canada's energy sector could come under pressure due to a

decline in oil prices as markets still await an Israeli response

to the Iranian rocket attacks that had triggered a rally in

crude last week.

The materials sector is under focus due to gold prices

slipped against a stronger dollar, while copper prices hit a

two-week low as Chinese officials held back on unleashing more

stimulus to boost the economy of the world's largest commodity

consumer.

Meanwhile, investors awaited U.S. Consumer Price Index (CPI)

figures and Canada's unemployment data, due later in the week,

to help re-calibrate bets for interest rate cuts in both the

countries.

Markets see a 90.7% chance of a 25-basis points cut at the

Federal Reserve's November policy meeting, while expectations

for a quarter-point-cut by the Bank of Canada later in the month

stand at 72.8%.

The composite index ended lower on Monday on

diminished expectations of a larger cut by the Fed in November.

In corporate news, online jewelry brand Mene named

Sean Try as its chief financial officer, effective immediately,

following Gavin Johnson's resignation.

COMMODITIES

Gold: $2,641.5; -0.08%

US crude: $75.69; -1.9%

Brent crude: $79.47; -1.8%

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSP market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory

($1 = 1.3642 Canadian dollars)

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