Sunday, December 22, 2024

TSX futures subdued ahead of data-heavy week

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(Reuters) – Futures tied to Canada’s main stock index dipped on Monday after last week’s gains as cautious investors awaited domestic and U.S. economic data this week that could drive monetary policy decisions in the two countries.

December futures on the S&P/TSX index were down 0.06% at 6:14 a.m. ET (10:14 GMT).

The composite index ended last week with a record closing high, boosted by shares of gold miners and uranium producers.

While investor sentiment globally remains buoyed by the 50-basis-point U.S. interest rate cut last week, focus has shifted to upcoming data that could provide clues on the Federal Reserve’s easing cycle ahead.

A preliminary survey on U.S. manufacturing and services activity for September is due at 09:45 a.m. ET. The core personal consumption expenditures (PCE) index for August, the Fed’s preferred inflation measure, is due on Friday.

Traders widely expect another 75-basis-point trim over the rest of this year.

In Canada, investors will closely watch gross domestic product (GDP) numbers for July on Friday. The Bank of Canada is unanimously expected to cut borrowing costs further at its October meeting, but traders are debating over the size of rate cuts.

In a potential boost to Canadian energy stocks, oil prices edged higher on Monday after last week’s U.S. rate cut and a dip in U.S. crude supply in the aftermath of Hurricane Francine. [O/R]

Gold prices steadied after hitting a record high. Meanwhile, copper prices nursed losses after recording early gains. [GOL/] [MET/L]

In corporate news, Canada-based investment issuer Alset AI Ventures said Morgan Good resigned as the company’s CEO and director.

COMMODITIES

Gold: $2,622.83; +0.03% [GOL/]

US crude: $71.12; +0.2% [O/R]

Brent crude: $74.57; +0.1% [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= C$1.3553)

(Reporting by Nikhil Sharma in Bengaluru; Editing by Leroy Leo)

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