Canada Stocks: TSX futures rise ahead of rate decisions from Fed, Bank of Canada

CGI

29/01/2025 11:49

Jan 29 (Reuters) - Futures for Canada's main stock index
rose on Wednesday as investors awaited interest rate verdicts
and comments from the U.S. Federal Reserve and the Bank of
Canada later in the day.  
    March futures on the S&P/TSX index  SXFcv1  were up 0.27% at
6.30 a.m. ET (1130 GMT).
    Domestic investors are focused on the Bank of Canada's first
monetary policy decision of the year, scheduled for 9:45 a.m.
ET. 
    Analysts widely expect a 25 basis-point interest rate cut,
aimed at mitigating potential economic downturns from proposed
U.S. tariffs. 
    On Tuesday, the White House said U.S. President Donald Trump
still plans to hit Mexico and Canada with tariffs on Saturday. 
    The Canadian central bank has reduced rates by a cumulative
1.75 percentage points since June 2024.
   Stateside, the Fed is expected to end a three-meeting run of
rate cuts and stay on hold, but investors will be eager to get a
sense of what it makes of Trump's eventful first nine days back
in charge.
    In commodities, oil prices  LCOc1 ,  CLc1  fell following a
rise in U.S. crude stockpiles and easing worries over Libyan
supply.  O/R 
    Gold prices  XAU=  were steady as market participants
awaited the Fed's decision and considered the impact of Trump's
trade policies.  GOL/ 
     The Toronto Stock Exchange's S&P/TSX composite index closed
higher on Tuesday. A rally in technology shares helped recover
from the previous day's sharp declines, triggered by the
emergence of the lower-cost Chinese AI model, DeepSeek, which
caused a global equity market rout.
    In corporate news, consulting services firm CGI  GIBa.TO 
reported first-quarter revenue below estimates.
    
    
    FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
    TSX market report  .TO 
    Canadian dollar and bonds report  CAD/   CA/ 
    Reuters global stocks poll for Canada  EQUITYPOLL1 
 EPOLL/CA 
    Canadian markets directory  CANADA 
 

 (Reporting by Ragini Mathur in Bengaluru; Editing by Sahal
Muhammed)
 ((Ragini.Mathur@thomsonreuters.com;))