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CANADA STOCKS-TSX futures slip on lower crude prices, domestic banks' earnings
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CANADA STOCKS-TSX futures slip on lower crude prices, domestic banks' earnings
Aug 29, 2024 2:43 AM

Aug 27 (Reuters) - Futures linked to Canada's main stock

index fell on Tuesday, dragged by declines in crude prices,

while investors reacted to dour quarterly results from major

domestic lenders.

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

0.2% at 6:24 a.m. ET (10:24 GMT).

The spotlight remained on major Canadian banks, including

the Bank of Nova Scotia ( BNS ) and Bank of Montreal ( BERZ ),

that reported a fall in third-quarter profit as they had to set

aside larger funds to cover bad loans.

Bank earnings are expected to keep the investors intrigued

throughout the week with highly anticipated earnings from the

Royal Bank of Canada ( RY ), National Bank of Canada ( NTIOF ),

and the Canadian Imperial Bank of Commerce ( CM ).

Canada's energy sector will be in focus as oil prices

slipped after soaring over 7% in the previous three sessions on

supply issues driven by fears of widening Middle East conflict.

The materials sector was also set to grab the spotlight as

gold prices declined, while copper prices notched a near

six-week high due to optimism over a U.S. interest rate cut in

September.

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

ended at a record closing high on Monday on major

gains in energy stocks, while investors also celebrated the Fed

Chair's endorsement of the beginning of the policy easing cycle

in the United States.

Markets are widely betting on a 25-basis point cut at the

U.S. central bank's policy meeting next month.

Traders also keenly awaited the quarterly earnings of

AI-darling Nvidia ( NVDA ) due on Wednesday.

Back home, the Canadian government said it would impose a

100% tariff on imports of Chinese electric vehicles, along with

a 25% levy on imported steel and aluminum from China.

COMMODITIES

Gold: $2,508.5; -0.3%

US crude: $76.81; -0.8%

Brent crude: $80.92; -0.6%

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSP market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory

($1 = 1.3466 Canadian dollars)

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