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CANADA STOCKS-TSX futures recover on boost from oil and gold prices; earnings in focus
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CANADA STOCKS-TSX futures recover on boost from oil and gold prices; earnings in focus
Aug 7, 2024 4:49 AM

Aug 7 (Reuters) - Futures for Canada's main stock index

bounced back on Wednesday after the index fell to week lows in

the previous session in a catch-up to Monday's global stocks

rout, while a bump in oil and gold prices further helped the

recovery.

September futures on the S&P/TSX index were up 0.6%

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

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

ended 1.1% lower on Tuesday, logging its third

straight session of declines and closing at its lowest since

July 2.

Technology and mining shares led broader declines as

investors caught up to Monday's heavy sell-off that rattled

markets during a Canadian market holiday.

TSX futures pointed to a recovery on Wednesday, in sync with

the global markets that recouped some losses on Tuesday.

U.S. stock index futures jumped as risk appetite returned

after the sell-off and following cautious comments from a Bank

of Japan policymaker.

Meanwhile, oil prices rose by over $1, while gold prices

inched up on safe-haven demand, bringing Canadian energy and

materials sectors into the limelight.

Copper prices, however, continued their downward trend after

Chinese data showed weak demand and a surge in inventories

highlighted excess supply.

Data-wise, domestic employment figures are due on Friday

that will shed more light on the country's labour market.

Investors will parse through a slew of corporate reports,

including names like Manulife Financial ( MFC ) among others.

Shopify ( SHOP ) beat analysts' estimates for quarterly

revenue as its AI-powered tools helped pull in more merchants to

its e-commerce services.

Air Canada ( ACDVF ) reported a lower second-quarter profit,

as excess capacity in certain markets and stiff competition on

international routes hurt its pricing power.

COMMODITIES AT 6:43 a.m. ET

Gold futures: $2,402.1; +0.1%

US crude: $74.17; +1.3%

Brent crude: $77.52; +1.4%

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= C$1.3746)

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