June 5 (Reuters) - Futures for Canada's main stock index
inched higher on Wednesday ahead of the crucial interest rate
decision by the Bank of Canada, while oil continued its slide on
an expected supply boost later in the year.
June futures on the S&P/TSX index were up 0.1% at
6:22 a.m. ET (10:22 GMT).
Commodity-linked stocks, particularly from the energy
sector, have dragged the Toronto markets down this week on
sliding oil prices, but utilities shares have limited declines
in the hope of interest rate cuts this year.
All eyes will be on the Canadian central bank at 0815 ET,
where it is widely expected to trim interest rates to 4.75%, for
the first time in more than four years. A Reuters poll showed
three further cuts this year.
Money markets are betting on an almost 83% chance of a rate
cut later in the day.
The loonie was lower against the U.S. dollar and was
last at C$1.3682.
Oil prices hovered near four-month lows on the day, which
could impact the energy index further, on an expected supply
boost later in the year when OPEC+ begins to unwind some output
cuts, with markets also digesting U.S. jobs data and higher oil
stocks.
Gold prices edged higher, helped by weakness in the U.S.
dollar and Treasury yields, while copper prices remained weak
due to weak physical demand in top consumer China.
Investors will also closely monitor the private payrolls
data from the United States at 0815 ET to gauge the strength of
the American labor market.
The Toronto Stock Exchange's S&P/TSX composite index
ended at a 6-day low on Tuesday as signs of faltering
global economic growth pressured commodity-linked stocks.
In company news, waste management giant GFL Environmental ( GFL )
is reported to have hired a financial adviser to review
two buyout offers.
COMMODITIES AT 6:22 a.m. ET
Gold futures: $2,339; +0.1%
US crude: $73.14; -0.2%
Brent crude: $77.46; -0.1%
($1= C$1.3682)