Canada Stocks: TSX futures muted ahead of economic data

Brookfield Renewable Partners LP

30/05/2024 12:04

May 30 (Reuters) - Futures for Canada's main stock index
were little changed on Thursday, as markets braced for key
economic data from home and the U.S., while lower commodity
prices are expected to weigh on resource shares.
    June futures on the S&P/TSX index  SXFcv1  were flat at 6:25
a.m. ET (10:25 GMT).
    The materials  .GSPTTMT  sector is expected to take a hit on
lower prices of most metals, including gold and copper, as the
dollar scaled a two-week peak against its major peers, making it
more expensive to buy the greenback-priced commodities.  MET/L 
 GOL/ 
    The energy  .SPTTEN  index is also seen slipping at open,
hurt by a fall in oil prices.  O/R 
    Canada's business barometer, which assesses 12-month forward
expectations for business performance, for May is due at 0700
ET.
    Later in the day, investors will also monitor the second
estimate for first-quarter U.S. GDP and weekly jobless claims,
that could help gauge the strength of the world's largest
economy.
    April's personal consumption expenditure report from the
U.S., due on Friday, remains the most crucial data in the week
and could sway bets on the timing of the U.S. central bank's
first interest rate cut.
    The Toronto Stock Exchange's S&P/TSX composite index
 .GSPTSE  fell to a near four-week low on Wednesday, over
disappointing results from the Bank of Montreal and expectations
of higher-for-longer U.S. interest rates.  .TO 
    U.S. stock index futures also slipped on Thursday, as
uncertainty around how long the Fed could keep interest rates
elevated weighed on market sentiment.  .N 
    In corporate news, Royal Bank of Canada  RY.TO  reported a
rise in second-quarter profit as the lender's personal and
commercial banking unit benefited from higher interest income.
    Brookfield  BN.TO , together with Brookfield Renewable
Partners and Singapore's Temasek Holdings, has entered into
exclusive discussions to buy a majority stake in French
renewable power producer Neoen  NEOEN.PA  valuing it at around
$6.6 billion.
     
    COMMODITIES AT 6:25 a.m. ET
    Gold futures  GCc2 : $2,340.9; -0.5%  GOL/ 
    US crude  CLc1 : $78.92; -0.4%  O/R 
    Brent crude  LCOc1 : $83.22; -0.5%  O/R 
    
 ($1= C$1.372)

 (Reporting by Khushi Singh in Bengaluru; Editing by Vijay
Kishore)
 ((Khushi.Singh@thomsonreuters.com;))