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CANADA STOCKS-TSX futures subdued ahead of data-heavy week
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CANADA STOCKS-TSX futures subdued ahead of data-heavy week
Sep 28, 2024 4:10 AM

Sept 23 (Reuters) - Futures tied to Canada's main stock

index dipped on Monday after last week's gains as cautious

investors awaited domestic and U.S. economic data this week that

could drive monetary policy decisions in the two countries.

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

0.06% at 6:14 a.m. ET (10:14 GMT).

The composite index ended last week with a record

closing high, boosted by shares of gold miners and uranium

producers.

While investor sentiment globally remains buoyed by the

50-basis-point U.S. interest rate cut last week, focus has

shifted to upcoming data that could provide clues on the Federal

Reserve's easing cycle ahead.

A preliminary survey on U.S. manufacturing and services

activity for September is due at 09:45 a.m. ET. The core

personal consumption expenditures (PCE) index for August, the

Fed's preferred inflation measure, is due on Friday.

Traders widely expect another 75-basis-point trim over the

rest of this year.

In Canada, investors will closely watch gross domestic

product (GDP) numbers for July on Friday. The Bank of Canada is

unanimously expected to cut borrowing costs further at its

October meeting, but traders are debating over the size of rate

cuts.

In a potential boost to Canadian energy stocks, oil prices

edged higher on Monday after last week's U.S. rate cut and a dip

in U.S. crude supply in the aftermath of Hurricane Francine.

Gold prices steadied after hitting a record high. Meanwhile,

copper prices nursed losses after recording early gains.

In corporate news, Canada-based investment issuer Alset AI

Ventures ( ALSCF ) said Morgan Good resigned as the company's CEO

and director.

COMMODITIES

Gold: $2,622.83; +0.03%

US crude: $71.12; +0.2%

Brent crude: $74.57; +0.1%

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$1.3553)

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