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CANADA STOCKS-TSX futures muted ahead of BoC decision, commodities limit declines
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CANADA STOCKS-TSX futures muted ahead of BoC decision, commodities limit declines
Apr 9, 2024 4:32 AM

April 9 (Reuters) - Futures for Canada's main stock

index were muted on Tuesday as investors remained cautious ahead

of the Bank of Canada's next interest rate decision later in the

week while climbing commodity prices kept declines in check.

June futures on the S&P/TSX index were flat at 7:00

a.m. ET (11:00 GMT), mirroring their Wall Street peers.

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

ended flat on Monday, as gains in financials were

offset by healthcare losses.

The Bank of Canada is set to announce its next monetary

policy decision on Wednesday, where the central bank is widely

expected to leave interest rates unchanged, in its third meeting

this year.

However, markets are pricing in a little over 65% bets of a

cut in June.

The last crucial data before the decision showed on Friday

that Canada's economy had shed a net 2,200 jobs in March, while

the unemployment rate increased to a 26-month high of 6.1%,

solidifying bets of a June cut.

On the commodities front, oil prices edged higher on Tuesday

after diminishing hopes that negotiations between Israel and

Hamas would lead to a ceasefire in Gaza, and on Mexico's plan to

remove more crude from the global market.

Gold prices hit a record high for an eighth consecutive

session with support from momentum-following funds and inflated

geopolitical tensions, while Shanghai copper hit a record high.

Across the border, monthly readings of key inflation data

are due later in the week that will further guide investor bets

on when the U.S. Federal Reserve could start easing borrowing

costs.

In Canadian corporate news, brokerage Stephens resumed

coverage of TFI International ( TFII ), while J.P.Morgan added

the transport and logistics company's U.S.-listed shares to its

U.S. Analyst Focus List.

COMMODITIES AT 7:00 a.m. ET

Gold futures: $2,363.9; +1.1%

US crude: $86.47; +0.1%

Brent crude: $90.49; +0.1%

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