Futures on Canada's Main Stock Index Show Slight Rise
Nov 27, 2024 at 11:48 AM
On Wednesday, futures tied to Canada's main stock index witnessed a modest increase. Investors were eagerly awaiting key U.S. inflation data later in the day to get a better understanding of the Federal Reserve's monetary policy outlook. At 6:10 a.m. ET (1110 GMT), December futures on the S&P/TSX index were up by 0.09%. This data-heavy day holds special significance as the focus is on the personal consumption expenditure index, which is the Fed's preferred inflation gauge and is set to be released at 10:00 a.m. ET. Traders anticipate a 63.5% chance of a 25-basis-point interest rate cut in December. Meanwhile, the minutes of the policy meeting on Nov. 6-7 revealed that Fed officials were divided on how much further they might need to cut rates and emphasized the uncertainty surrounding the direction of the economy. Other important economic indicators such as the second estimate for the third-quarter gross domestic product and weekly jobless claims figures are also due on this day.The heavyweight energy sector in Canada is likely to be influenced by oil prices. As markets evaluated the ceasefire deal between Israel and Hezbollah, oil prices stabilized. In the materials sector, gold prices rebounded after hitting a more than one-week low in the previous session, while the dollar weakened. Copper prices also showed an upward trend. [GOL/] [MET/L]On Tuesday, the composite index ended slightly lower due to concerns over Donald Trump's pledge to impose a 25% tariff on U.S. imports from Canada and Mexico, along with additional tariffs on China. Canada sends approximately 75% of its exports to the United States, including oil, and Trump has made it clear that he does not intend to exempt crude oil from his planned tariffs.In corporate news, Canadian fund Brookfield is planning to abandon its plan to take over Spain's Grifols (BME:GRLS), as per two sources familiar with the matter.Commodities:Gold: $2,648.21; +0.62% [GOL/]US crude: $68.89; +0.17% [O/R]Brent crude: $72.93; +0.16% [O/R]For Canadian markets news, click on the following codes:TSX market report (TO)Canadian dollar and bonds report [CAD/] [CA/]Reuters global stocks poll for CanadaCanadian markets directory($1 = 1.4051 Canadian dollars)(This story has been corrected to say ’10:00 a.m. ET,’ instead of ’08:30 a.m. ET,’ in 3)
