Canada Stocks: TSX futures signal muted start on caution ahead of Fed decision

Celestica

29/01/2024 12:48

Jan 29 (Reuters) - Futures for Canada's main stock index
dipped lower on Monday as copper prices slid, while investors
were cautious ahead of key domestic economic data and the U.S.
Federal Reserve's monetary policy decision later this week. 
    March futures on the S&P/TSX index  SXFcv1  were down 0.1%
at 7:06 a.m. ET (12:06 GMT).
    Copper miners could see a decline as prices retreated on a
firmer dollar and as doubts about demand prospects in China, the
top consumer, were reinforced. Soaring tensions in the Middle
East lifted gold prices on its safe-haven appeal.  GOL/   MET/L 
    Energy stocks could extend their gains from the previous
week, as oil prices rose after escalating tensions in the Middle
East and Houthi attacks in the Red Sea added to supply
disruption concerns.  O/R 
    Investors were cautious ahead of the Federal Reserve's
decision on borrowing costs, due on Wednesday, for insights into
the U.S. central bank's direction on the timing of rate cuts in
the year.  .N 
    Also on Wednesday, a November reading of Canada's gross
domestic product (GDP) could provide some more clues on the
country's economic health, and the Bank of Canada's future
interest rate path. 
    The Bank of Canada left its key overnight rate unchanged
last week, while Governor Tiff Macklem said that the central
bank's focus was shifting to when to cut the rates.
    The Toronto Stock Exchange's S&P/TSX composite index
 .GSPTSE  ended 0.1% higher at 21,125.28 on Friday, its highest
closing level since May 2022.  .TO 
    In corporate news, electronics company Celestica  CLS.TO  is
set to report its fourth-quarter earnings on Monday after the
bell. 
    Brokerage CIBC downgraded lender goeasy's  GSY.TO  stock to
"neutral" from "outperformer".
    
    COMMODITIES AT 7:06 a.m. ET
    Gold futures  GCc2 : $2,026.7; +0.5%  GOL/ 
    US crude  CLc1 : $78.14; +0.2%  O/R 
    Brent crude  LCOc1 : $83.67; +0.1%  O/R 

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))