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CANADA STOCKS-TSX futures muted, commodities gain on rate cut bets
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CANADA STOCKS-TSX futures muted, commodities gain on rate cut bets
Jun 6, 2024 4:27 AM

June 6 (Reuters) - Futures for Canada's main stock index

were little changed on Thursday after a rally in the previous

session following the Bank of Canada's 25 basis point rate cut,

while gains in precious and base metal prices boosted investor

sentiment.

June futures on the S&P/TSX index were down 0.1% at

6:40 a.m. ET (10:40 GMT).

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

ended higher on Wednesday after the BoC became the

first central bank among G7 countries to cut interest rates.

The benchmark index, however, remained in the red for the

week so far.

The loonie was also little changed against the U.S.

dollar and was last at 1.3691.

Energy shares were expected to grab the spotlight as oil

prices extended gains, supported by growing expectations of an

interest rate cut from the U.S. Federal Reserve in September.

Rise in copper and gold prices could impact the materials

sector, which comprises precious and base metal miners and

fertiliser companies.

Copper prices rebounded on Thursday on optimism that central

bank rate cuts will help economic growth, though gains were

capped by worries about sluggish demand.

Gold prices hit a two-week high as U.S. bond yields fell on

signs of a cooling labour market, strengthening a case for a

September interest rate cut by the U.S. central bank.

In company news, bitcoin miner Riot Platforms ( RIOT )

acquired a 12% stake ownership in rival firm Bitfarms Ltd ( BITF )

.

Futures linked to Wall Street's main indexes were subdued

ahead of more labor market data that will further strengthen the

bets for U.S. interest rate cuts.

COMMODITIES AT 6:40 a.m. ET

Gold futures: $2,368.3; +0.2%

US crude: $74.37; +0.4%

Brent crude: $78.64; +0.3%

($1= C$1.3691)

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