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CANADA STOCKS-TSX set for muted start as falling oil counters gold gains
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CANADA STOCKS-TSX set for muted start as falling oil counters gold gains
Apr 18, 2024 4:20 AM

April 18 (Reuters) - Futures for Canada's main stock

index were muted on Thursday as gains in metal prices were

offset by declines in oil, while investors awaited fresh cues on

the timing of interest rate cuts by central banks.

June futures on the S&P/TSX index were up 0.1% at

6:40 a.m. ET (10:40 GMT).

Spot gold prices climbed as risks of a widening

Middle East conflict raised its safe-haven appeal, overshadowing

pressures from prospects of higher-for-longer U.S. interest

rates.

London copper hit its highest in 22 months, supported by a

softer dollar.

On the other hand, oil prices extended losses as investors

switched focus to signs that a wider conflict in the key Middle

East could be avoided, as well as demand concerns.

Meanwhile, investors awaited fresh clues to gauge when the

central banks' would commence their easing cycle, both at home

and in the United States.

Data-wise, a weekly reading of jobless claims is due in the

U.S. at 8:30 a.m. ET.

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

ended 0.1% higher on Wednesday, snapping a

five-session losing streak, lifted by mining stocks.

Gains on the index were contained after the Canadian federal

budget proposed raising a tax on investment profits, with the

measure coming into effect in June.

In corporate news, TC Energy ( TRP ) said on Wednesday it

does not anticipate any service interruptions from the rupture

of its NGTL gas pipeline in Alberta, which caused a wildfire on

Tuesday.

In the U.S., corporate earnings momentum continues with

several regional financial institutions set to report their

quarterly numbers before the opening bell.

COMMODITIES AT 6:40 a.m. ET

Gold futures: $2,384.7; +0.4%

US crude: $81.84; -1.0%

Brent crude: $86.34; -1.1%

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