financetom
World
financetom
/
World
/
CANADA STOCKS-TSX futures up ahead of BoC rate decision
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
CANADA STOCKS-TSX futures up ahead of BoC rate decision
Jun 5, 2024 3:51 AM

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)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
German bund yield steady ahead of ECB policy decision
German bund yield steady ahead of ECB policy decision
Jun 5, 2024
(Updates at 0944 GMT) By Samuel Indyk LONDON, June 5 (Reuters) - Germany's 10-year government bond yield was steady on Wednesday after its sharpest two-day drop since March following weak U.S. and European data, with focus set to shift to the European Central Bank's policy announcement on Thursday. The ECB is widely expected to lower its deposit rate from a...
CANADA STOCKS-TSX futures up ahead of BoC rate decision
CANADA STOCKS-TSX futures up ahead of BoC rate decision
Jun 5, 2024
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...
MORNING BID AMERICAS-Dip buying persists, Canada set to ease
MORNING BID AMERICAS-Dip buying persists, Canada set to ease
Jun 5, 2024
A look at the day ahead in U.S. and global markets from Mike Dolan Any investor trepidation about a slowing U.S. economy is once again being offset by renewed interest rate cut hopes - seeing the third day in row that Wall St stocks have turned around early losses to end higher by the close. In a week packed with...
Morning Bid: Dip buying persists, Canada set to ease
Morning Bid: Dip buying persists, Canada set to ease
Jun 5, 2024
A look at the day ahead in U.S. and global markets from Mike Dolan Any investor trepidation about a slowing U.S. economy is once again being offset by renewed interest rate cut hopes - seeing the third day in row that Wall St stocks have turned around early losses to end higher by the close. In a week packed with...
Copyright 2023-2026 - www.financetom.com All Rights Reserved