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CANADA STOCKS-TSX futures rise after strong bank earnings
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CANADA STOCKS-TSX futures rise after strong bank earnings
Dec 4, 2024 4:33 AM

Dec 4 (Reuters) - Futures tied Canada's main stock index

edged up on Wednesday, with investors focused on strong

quarterly results from the top domestic lenders.

December futures on the S&P/TSX index were up 0.16%

at 6:54 a.m. ET (11:54 a.m. GMT).

Royal Bank of Canada ( RY ) reported a rise in

fourth-quarter profit as the country's biggest lender benefited

from strong performance in its personal banking business.

Meanwhile, the National Bank of Canada ( NTIOF ) also reported

higher quarterly profit, helped by solid performance in its

wealth management unit.

Among sectors, energy was in focus as oil prices firmed

slightly, with traders expecting OPEC+ to announce an extension

to supply cuts this week, while heightened geopolitical tensions

continue to dominate market sentiment.

The materials sector also grabbed attention as gold and

copper prices eased amid a marginal recovery in the U.S. dollar.

The composite index ended near a record closing

high on Tuesday as gains in mining outweighed a drop in Bank of

Nova Scotia ( BNS ) following disappointing results.

Across the border, the focus will be on the U.S. Federal

Reserve Chair Jerome Powell's speech later in the day, which

could offer clues on the interest rate decision at the Dec.

17-18 policy meeting.

Additionally, November private payrolls data, due at 8:15

a.m. ET, along with the highly anticipated November employment

report on Friday, could also influence the Fed decision.

Traders see about a 72.7% chance of the Fed reducing

interest rates by 25 basis points.

Meanwhile, Greater Toronto Area home sales rose for the

fourth straight month in November and prices climbed to a

one-year high as lower borrowing costs encouraged buyers to move

off the sidelines.

COMMODITIES

Gold: $2645.12; +0.06%

US crude: $70.09; +0.21%

Brent crude: $73.85; +0.31%

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 = 1.4057 Canadian dollars)

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