(Reuters) – Futures for Canada’s main stock index rose on Wednesday, driven by gains in metal prices, as domestic economic data and quarterly earnings reports from major U.S. banks remained in focus.
December futures on the S&P/TSX index were up 0.2% at 6:07 a.m. ET (10:07 GMT).
The materials sector grabbed the spotlight as gold prices gained due to weaker equities and bond yields, while a rise in copper prices also lent support. [GOL/] [MET/L]
Canada’s energy sector remained in focus as oil prices steadied after a sharp fall in the previous session, partly supported by OPEC+ supply curbs and uncertainty around conflict in the Middle East. [O/R]
The composite index ended lower on Tuesday as a drop in oil prices offset cooler-than-expected inflation data that raised expectations for an outsized interest rate cut from the Bank of Canada.
Odds for a 50-basis-point cut at the BoC’s policy meeting next week stand at 76.8%.
On the data front, manufacturing sales data for August and the housing starts reading for September will be released later in the day and closely monitored.
Across the border, Wall Street futures remained steady on Wednesday after a tech and oil stock selloff in the previous session. [.N]
Markets will also pay attention to quarterly earnings from major U.S. banks, including Morgan Stanley and U.S. Bancorp, which will be released before the market opens.
In corporate news, U.S. fund Artisan Partners urged the board of Japanese retailer Seven & i Holdings to allow due diligence and negotiate a purchase price on Canada’s Alimentation Couche-Tard’s $47 billion takeover bid.
COMMODITIES
Gold: $2,679.13; +0.68% [GOL/]
US crude: $70.74; +0.24% [O/R]
Brent crude: $74.37; +0.16% [O/R]
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($1 = 1.3784 Canadian dollars)
(Reporting by Nikhil Sharma in Bengaluru; Editing by Vijay Kishore)