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CANADA STOCKS-TSX futures slip as metal prices drag
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CANADA STOCKS-TSX futures slip as metal prices drag
Nov 12, 2024 4:33 AM

Nov 12 (Reuters) - Futures tied to Canada's main stock

index fell on Tuesday, as lower metal prices weighed, while

investors focused on major domestic earnings due on the day and

U.S. inflation data later in the week.

December futures on the S&P/TSX index were down

0.4% at 6:15 a.m. ET (11:15 GMT).

Canada's materials sector remained in focus as gold and

copper prices fell over 1% to a two-month low on a stronger

dollar.

The energy sector also drew attention as oil prices edged

higher, with investors awaiting OPEC's monthly report for

further price direction. However, disappointment over China's

latest stimulus plan and oversupply concerns limited gains.

The composite index ended higher on Monday as

investors remained bullish following the U.S. presidential

election.

Investors awaited U.S. consumer price inflation data due on

Wednesday and a parade of Federal Reserve speakers due to speak

this week, including Fed Chair Jerome Powell on Thursday.

The U.S. central bank is expected to cut rates by 25 basis

points in December. However, markets also expect the Fed to take

a cautious approach under the new Trump administration as some

of his proposed policies may stoke inflation and strengthen the

dollar, resulting in higher-for-longer U.S. interest rates.

Canada, the United States' second-biggest trading partner,

is especially vulnerable to his suggested 10% tariff on all

imports.

Domestic investors will parse quarterly earnings from

e-commerce giant Shopify ( SHOP ) due on the day.

In corporate news, Warehouse landlord Segro ( SEGXF ) would

buy six Tritax EuroBox ( TTAXF ) properties in Germany and the

Netherlands for 470 million euros ($499.1 million) as part of a

deal with Brookfield Asset Management Ltd. ( BAM )

COMMODITIES

Gold: $2595.9; -0.1%

US crude: $68.41; +0.54%

Brent crude: $72.2; +0.52%

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 = 1.3957 Canadian dollars)

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