(Reuters) – Futures tied to Canada’s main stock index edged lower on Thursday as leading chipmaker Nvidia’s fourth-quarter revenue growth forecast left investors unimpressed, though gains in crude prices kept overall losses in check.
December futures on the S&P/TSX index were down 0.1% at 6:00 a.m. ET (11:00 GMT).
Wall Street futures also fell, with Nvidia’s shares falling in premarket trading. [.N]
Nvidia on Wednesday forecast its slowest revenue growth in seven quarters, disappointing investors who had lofty expectations from the world’s most valuable company.
Canada’s energy sector could extend its incline on Thursday, with oil prices climbing on the back of geopolitical concerns over the escalating tensions between Russia and Ukraine that could potentially disrupt supply from the region. [O/R]
The materials sector grabbed attention as gold prices rose amid higher safe-haven demand, while copper prices gained against the softer dollar. [GOL/] [MET/L]
Investors globally are concerned about the intensifying war, especially after Russia launched an intercontinental ballistic missile in retaliation against Ukraine’s strike using U.S. and British missiles earlier this week.
The TSX composite index ended higher on Wednesday due to gains led by energy shares.
Among economic indicators, focus will be on U.S. weekly jobless claims figures due at 8:30 a.m. ET, while domestic investors will also assess October producer prices data later in the day.
In corporate news, Manulife Financial said it will reinsure C$5.4 billion ($3.86 billion) of its reserves as it looks to transfer some risk from its portfolio and free up capital for stock buybacks.
COMMODITIES
Gold: $2,669.6; +0.74% [GOL/]
US crude: $69.87; +1.63% [O/R]
Brent crude: $73.89; +1.48% [O/R]
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report [.TO]
Canadian dollar and bonds report [CAD/] [CA/]
Reuters global stocks poll for Canada
Canadian markets directory
($1 = 1.3969 Canadian dollars)
(Reporting by Nikhil Sharma in Bengaluru; Editing by Shreya Biswas)