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CANADA STOCKS-TSX futures muted ahead of economic data
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CANADA STOCKS-TSX futures muted ahead of economic data
May 30, 2024 4:40 AM

May 30 (Reuters) - Futures for Canada's main stock index

were little changed on Thursday, as markets braced for key

economic data from home and the U.S., while lower commodity

prices are expected to weigh on resource shares.

June futures on the S&P/TSX index were flat at 6:25

a.m. ET (10:25 GMT).

The materials sector is expected to take a hit on

lower prices of most metals, including gold and copper, as the

dollar scaled a two-week peak against its major peers, making it

more expensive to buy the greenback-priced commodities.

The energy index is also seen slipping at open,

hurt by a fall in oil prices.

Canada's business barometer, which assesses 12-month forward

expectations for business performance, for May is due at 0700

ET.

Later in the day, investors will also monitor the second

estimate for first-quarter U.S. GDP and weekly jobless claims,

that could help gauge the strength of the world's largest

economy.

April's personal consumption expenditure report from the

U.S., due on Friday, remains the most crucial data in the week

and could sway bets on the timing of the U.S. central bank's

first interest rate cut.

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

fell to a near four-week low on Wednesday, over

disappointing results from the Bank of Montreal ( NRGD ) and expectations

of higher-for-longer U.S. interest rates.

U.S. stock index futures also slipped on Thursday, as

uncertainty around how long the Fed could keep interest rates

elevated weighed on market sentiment.

In corporate news, Royal Bank of Canada ( RY ) reported a

rise in second-quarter profit as the lender's personal and

commercial banking unit benefited from higher interest income.

Brookfield, together with Brookfield Renewable

Partners ( BEP ) and Singapore's Temasek Holdings, has entered into

exclusive discussions to buy a majority stake in French

renewable power producer Neoen valuing it at around

$6.6 billion.

COMMODITIES AT 6:25 a.m. ET

Gold futures: $2,340.9; -0.5%

US crude: $78.92; -0.4%

Brent crude: $83.22; -0.5%

($1= C$1.372)

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