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CANADA STOCKS-TSX futures muted; dollar strengthens on increased Trump presidency bets
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CANADA STOCKS-TSX futures muted; dollar strengthens on increased Trump presidency bets
Jul 15, 2024 4:39 AM

July 15 (Reuters) - Futures for Canada's main stock

index were subdued on Monday, as a stronger dollar weighed on

gains of oil and metal prices, after higher bets of Donald Trump

winning the U.S. presidential elections in November following an

assassination attempt.

The S&P/TSX 60 futures were down 0.08% by 07:14

a.m. ET (1114 GMT). The benchmark index hit a record

high on Friday.

Dollar got a boost after an assassination attempt on Donald

Trump on Saturday that compelled markets to raise odds of the

former U.S. President winning elections in November. Under

Trump, markets expect U.S. to adopt hawkish trade policy and

looser regulation.

The energy sector was set to remain in focus as oil futures

gained on political instability in the U.S. and the Middle East,

while downward pressure by a robust dollar and poor demand

outlook in China kept gains in check.

Gold prices gained as dollar firmed, while markets awaited

economic data and comments from U.S. Federal Reserve officials

for further clues on rate-cut path. Meanwhile, copper prices

fell on a stronger dollar and lacklustre economic data from

China.

Markets will monitor New York state manufacturing data at

8:30 a.m. ET. Focus will also be on U.S. Federal Reserve Chair

Jerome Powell's as well as San Francisco Fed President Mary

Daly's comments later in the day.

Back home, investors will assess manufacturing sales and

wholesale trade numbers expected at 8:30 a.m. ET. However, the

domestic market will keep its eye on key inflation data on

Tuesday.

The Bank of Canada will host its next policy meeting on July

24 and the traders are expecting a 74% chance of another cut by

the Canadian central bank.

In corporate news, iron ore mine operator Cleveland-Cliffs ( CLF )

to acquire Canadian steelmaker Stelco Holdings ( STZHF )

for C$70 per share in a deal valued at C$3.4 billion.

COMMODITIES

Gold: $2413.95; +0.11%

US crude: $82.28; +0.1%

Brent crude: $85.11; +0.1%

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory

($1 = 1.3632 Canadian dollars)

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