(Reuters) – Futures for Canada’s main stock index fell on Thursday ahead of key U.S. inflation data that can provide investors insights into Federal Reserve’s monetary policy decision next month.
December futures on the S&P/TSX index were down 0.16% at 6:00 a.m. ET (10:00 GMT).
The composite index hit a record high on Wednesday led by gains in technology and consumer discretionary stocks.
All eyes will be on the U.S. consumer price index (CPI) data later in the day, which is expected to show core inflation in September slipped slightly to 0.2% month-on-month.
Markets see an 82.8% chance of a 25-basis-point cut at the Fed’s policy meeting next month.
The central bank cut rates by 50 basis points at its meeting in September and minutes from that meeting showed a “substantial majority” of officials supported the Fed’s outsized move.
Additionally, U.S. weekly jobless claims numbers, expected at 8:30 a.m. ET, will also grab investors’ attention.
Domestic investors also await Friday’s unemployment data that could give clues on the Bank of Canada’s decision at its policy meeting later this month.
Among sectors, Canada’s energy sector could rebound from last session’s losses as oil prices rose due to a spike in fuel demand after Hurricane Milton hit Florida, and potential risks to crude supply from the Middle East. [O/R]
Materials sectors could also track higher gold and copper prices. [GOL/] [MET/L]
In corporate news, Canada’s TD Bank is expected to pay about $3 billion in penalties as part of a settlement with U.S. regulators and prosecutors, the Wall Street Journal reported.
COMMODITIES
Gold: $2,617.01; +0.35% [GOL/]
US crude: $74.34; +1.50% [O/R]
Brent crude: $77.62; +1.36% [O/R]
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($1 = 1.3731 Canadian dollars)
(Reporting by Nikhil Sharma in Bengaluru; Editing by Leroy Leo)