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CANADA STOCKS-TSX futures tumble as investors jittery following global sell-off
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CANADA STOCKS-TSX futures tumble as investors jittery following global sell-off
Aug 6, 2024 4:52 AM

Aug 6 (Reuters) - Futures linked to Canada's main stock

index tumbled on Tuesday, catching up to the brutal sell-off

across global markets on Monday, triggered by recession fears in

the United States.

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

1.8% at 6:48 a.m. ET (10:48 GMT).

Global stock markets saw a rout on Monday as investors

scrambled towards safe-haven assets, after weaker economic data

in the U.S. last week stoked fears of a recession in the world's

largest economy.

Investor sentiment was partially soothed after data on

Monday showed a rebound in U.S. services sector activity in

July, and comments from Federal Reserve policymakers signalled

rate cuts ahead.

The benchmark U.S. S&P 500 and the Nasdaq

each closed 3% lower on Monday.

The Canadian markets were closed on account of a holiday.

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

ended 2.2% lower on Friday, logging its biggest

decline since February 13.

On the commodities side, oil prices pared early gains on

Tuesday to trade steady, supported by Middle East supply fears.

Canadian miners will be in the spotlight as gold prices

inched up, while copper deepened its losses on pessimism around

global growth and weak Chinese demand.

Data-wise, domestic employment figures are due on Friday

that will shed more light on the country's labour market.

Attention will also be on a host of Fed policymakers

scheduled to speak throughout the month, against the backdrop of

recession fears.

In corporate news, Suncor Energy ( SU ) and iA Financial ( IAFNF )

among others are set to report their quarterly figures

after the closing bell on Tuesday.

COMMODITIES AT 6:48 a.m. ET

Gold futures: $2,423; +0.5%

US crude: $73.32; +0.5%

Brent crude: $76.62; +0.4%

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$1.3838)

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