(Reuters) – Futures tied to Canada’s main stock index were muted on Wednesday as investors avoided big bets ahead of chipmaker Nvidia’s quarterly results later in the day.
December futures on the S&P/TSX index were up 0.02% at 6:04 a.m. ET (11:04 GMT).
Nvidia’s third-quarter results, due after the bell, are expected to cause significant volatility in the markets, with options markets primed for a nearly $300 billion swing in the AI darling’s market value in either direction.
Wall Street futures were also little changed. [.N]
Canada’s energy sector could take cues from oil prices that steadied as supply concerns stemming from the escalating Russia-Ukraine war offset data showing rising U.S. crude stocks. [O/R]
The materials sector also grabbed attention as gold prices eased against a firm dollar, though safe-haven demand linked to the Russia-Ukraine tensions helped cap further losses. Copper prices inched up for a fourth session. [GOL/] [MET/L]
Investors were focused on the geopolitical tensions in Europe, especially after Reuters reported Russian President Vladimir Putin was open to discussing a Ukraine ceasefire deal with U.S. President-elect Donald Trump.
The TSX composite index ended higher on Tuesday as investors weighed the Russia-Ukraine war and hotter-than-expected domestic inflation data.
Canada’s annual inflation rate rose to 2% in October, which triggered traders to trim their bets for an outsized interest-rate cut by the Bank of Canada in December.
Market participants widely expect a quarter-point cut next month.
In corporate news, Fairfax Financial announced it intends to offer C$450 million in senior notes due 2034 and C$250 million in senior notes due 2054.
COMMODITIES
Gold: $2,625.06; -0.25% [GOL/]
US crude: $69.74; +0.5% [O/R]
Brent crude: $73.42; +0.15% [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 = 1.3992 Canadian dollars)
(Reporting by Nikhil Sharma in Bengaluru; Editing by Shreya Biswas)