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    Canada Stocks: TSX futures rise as China stimulus boosts commodity prices

    Picture of Cineplex logoCineplex
    24/09/2024 12:06
    Sept 24 (Reuters) - Futures tied to Canada's
resource-heavy main stock index inched higher on Tuesday as
commodity prices across the world got a boost from fresh
monetary stimulus in major consumer China.
    December futures on the S&P/TSX index  SXFcv1  were up 0.4%
at 6:04 a.m. ET (10:04 GMT).
    Global markets jumped after China's central bank unveiled
its biggest stimulus since the pandemic to pull the economy out
of its deflationary funk and steer it towards the government's
growth target.
    Canada's energy sector could benefit from a jump in oil
prices that was driven by China's monetary stimulus, signs of
supply disruption due to the conflict in the Middle East and
concerns over another hurricane threatening supply in the U.S.
 O/R 
    The materials sector is also likely to get a boost from gold
prices, which climbed to a record high, and copper prices, which
surged to their highest in nearly 10 weeks, following China's
stimulus.  GOLD/   MET/L 
    Since last week, Canadian stocks have been enjoying investor
optimism around the U.S. Federal Reserve's half-point
interest-rate cut.
    The composite index  .GSPTSE  closed at a record high for a
third consecutive session on Monday. The TSX has risen 14% this
year.
    The U.S. central bank is now expected to go for another rate
cut at its November policy meeting but investors wonder over the
size of the move.  0#FEDWATCH 
    Domestic investors will also look toward the Bank of Canada
Governor Tiff Macklem's speech at 01:10 p.m. ET for clues on the
central bank's monetary policy.
    In corporate news, Cineplex  CGX.TO  has been ordered to pay
nearly $39 million after the Competition Tribunal found that the
cinema operator engaged in deceptive marketing.    
    
    COMMODITIES 
    Gold  XAU= : $2,630.1; +0.1%  GOL/ 
    US crude  CLc1 : $72.15; +2.5%  O/R 
    Brent crude  LCOc1 : $75.67; +2.4%  O/R 
    
    
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