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CANADA STOCKS-TSX futures fall on downbeat earnings
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CANADA STOCKS-TSX futures fall on downbeat earnings
Apr 25, 2024 4:34 AM

April 25 (Reuters) - Futures for Canada's main stock

index edged lower on Thursday, weighed down by downbeat

corporate earnings from Canadian companies and in the United

States, while losses were offset by an uptick in gold and oil

prices.

June futures on the S&P/TSX index were down 0.2% at

6:43 a.m. ET (10:43 GMT).

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

ended 0.6% lower on Wednesday, logging its first

decline in six sessions, dragged down by railroad shares after

their disappointing quarterly results.

Canadian miner Teck Resources ( TECK ) missed

first-quarter profit estimates on Thursday, pulled down partly

by lacklustre steelmaking coal sales volumes and lower zinc

prices.

U.S. stock index futures also fell on Thursday, as shares of

most mega-cap growth stocks took a beating after dour quarterly

results from Meta Platforms ( META ).

On the commodities front, Oil prices steadied as signs of

retreating fuel demand in the U.S., the world's biggest oil

user, contended with widening conflict risks in the Middle East.

Spot gold prices were buoyed by a weaker dollar,

while copper prices also gained as funds chased the market

higher after a takeover bid by BHP for Anglo American, which

analysts said was focused on copper.

Data-wise, a quarterly report of gross domestic product

(GDP) advance and weekly jobless claims figures are due in the

U.S. at 8:30 a.m. ET.

Investors will closely monitor the personal consumption

expenditure (PCE) data in the U.S., due on Friday, which is the

Federal Reserve's preferred measure of inflation, to adjust

their bets on the timing of interest rate cuts in the year.

Separately, the minutes from the Bank of Canada's last

meeting showed that the six-member governing council of the

central bank was split on the timing of the cuts but agreed that

the borrowing costs would most likely only come down gradually.

COMMODITIES AT 6:43 a.m. ET

Gold futures: $2,325.6; flat

US crude: $82.85; +0.1%

Brent crude: $88.07; +0.1%

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