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CANADA STOCKS-TSX futures rise on gold, oil strength
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CANADA STOCKS-TSX futures rise on gold, oil strength
May 6, 2024 4:07 AM

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

edged higher on Monday, indicating an upbeat start to the week,

as gold and oil prices moved higher, while investors awaited

more clues on the interest rate trajectory of central banks.

June futures on the S&P/TSX index were up 0.5% at

6:30 a.m. ET (10:30 GMT), mirroring gains in their Wall Street

peers.

Spot gold prices rose nearly 1%, deriving support

from a soft U.S. dollar, while Shanghai copper fell on lack of

clear demand improvement from the troubled Chinese property

market.

Oil futures climbed after Saudi Arabia hiked June crude

prices and as the prospect of a Gaza ceasefire deal appeared

slim, renewing fears of a widening conflict in the Middle-East.

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

ended 0.59% higher on Friday amid a broad rally led by

tech and healthcare shares.

Sentiment on Friday was also uplifted by data showing that

U.S. job growth slowed more than expected in April and annual

wage gains cooled, adding to bets of a September rate cut by the

Federal Reserve after its last decision to hold rates.

Data-wise, employment change numbers are due in Canada later

in the week, alongside a weekly report of jobless claims in the

United States.

Investors will carefully analyze Canadian economic data to

gauge inflation after Bank of Canada Governor Tiff Macklem

hinted at the possibility of a June cut if Canadian inflation

kept easing.

In corporate news, Reuters reported that China's Sinopec is

in discussions with Pembina Pipeline Corp ( PBA ) for a

liquefied natural gas (LNG) offtake agreement and equity stake

in the Canadian company's proposed Cedar LNG project.

COMMODITIES AT 6:30 a.m. ET

Gold futures: $2,328; +0.8%

US crude: $78.92; +1.0%

Brent crude: $83.65; +0.8%

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