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CANADA STOCKS-TSX set to open lower as rate cut uncertainty looms, gold prices fall
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CANADA STOCKS-TSX set to open lower as rate cut uncertainty looms, gold prices fall
Apr 3, 2024 4:39 AM

April 3 (Reuters) - Futures for Canada's main stock

index dipped on Wednesday as cautious investors awaited further

clues about the U.S. interest rate cut trajectory, while a

decline in gold prices also weighed.

June futures on the S&P/TSX index were down 0.3% at

7:06 a.m. ET (11:06 GMT), mirroring losses in their Wall Street

peers.

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

ended 0.5% lower on Tuesday, as uncertainty around

interest rate cuts weighed on the communication services and

real estate sectors.

The index had pulled back after notching a series of record

closing highs.

Meanwhile, gold prices took a breather after notching up yet

another record high after growing tensions in the Middle East

and U.S. interest rate cut hopes continued to push investors to

the safe haven.

On the bright side, Shanghai copper prices rallied to an

all-time high, boosted by a bullish demand outlook and supply

worries.

Oil prices were stable as investors mulled supply risks

stemming from ongoing global conflicts.

On the data front, a March reading of services sector data

in the U.S. is due at 9:45 a.m. ET, that could provide some more

insights into U.S. inflation in the run-up to the crucial

non-farm payrolls data expected on Friday.

Investors will also monitor Federal Reserve Chair Jerome

Powell's speech on the monetary policy outlook in the San

Francisco Bay area at 12:10 p.m. ET on Wednesday.

In corporate news, Wood products firm West Fraser Timber ( WFG )

and Mercer announced the dissolution of Caribo

Pulp and Paper joint venture, with West Fraser to continue as

sole owner/operator of the mill.

COMMODITIES AT 7:06 a.m. ET

Gold futures: $2,280.2; -0.4%

US crude: $85.74; +0.7%

Brent crude: $89.54; +0.7%

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