Canada Stocks: TSX futures fall on rate hike worries, lower commodity prices

Constellation Software

22/06/2023 12:45

June 22 (Reuters) - Futures for Canada's main index fell
on Thursday, tracking lower commodity prices as interest rate
hikes by major central banks further dampened risk sentiment.
    Futures on the S&P/TSX index  SXFc1  were down 0.5% at 7:00
a.m. ET.
    Crude oil prices edged lower on concerns that more monetary
tightening by the U.S. Federal Reserve could squeeze demand.
 O/R 
    Bullion prices were also down as high interest rates dimmed
appeal for the low-yielding asset.  GOL/ 
    The Bank of England, Norway central bank and the Swiss
National Bank have all raised interest rates on Thursday, adding
to worries of prolonged tightening in monetary policy across
major economies.
    According to analysts, minutes from the Bank of Canada's
(BoC) policy meetings, released on Wednesday, made it clear that
it was likely to raise rates again next month as economic data
showed growth and inflation were stronger than expected.
    Markets now focus on the second day of Fed Chair Jerome
Powell's congressional testimony at 10:00 a.m. ET.
    Company-wise, mining firm Algoma Steel Group  ASTL.TO 
posted a bigger-than-expected loss for the fourth quarter.
    The Toronto Stock Exchange's S&P/TSX composite index
 .GSPTSE  closed at a three-week low on Wednesday.
    Dow e-minis  1YMcv1  were down 113 points, or 0.33%, at 7:00
a.m. ET, while S&P 500 e-minis  EScv1  were down 14 points, or
0.32%, and Nasdaq 100 e-minis  NQcv1  were down 65.75 points, or
0.44%.  .N 
     
    COMMODITIES AT 7:00 a.m. ET 
    Gold futures  GCc2 : $1,930.4; -0.3%  GOL/ 
    US crude  CLc1 : $71.24; -1.79%  O/R 
    Brent crude  LCOc1 : $75.73; -1.89%  O/R 
    
    U.S. ECONOMIC DATA DUE ON THURSDAY
    Weekly jobless claims due at 8:30 a.m. ET
    May existing home sales due at 10:00 a.m. ET
    
    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 

($1 = 1.3144 Canadian dollars)

 (Reporting by Johann M Cherian in Bengaluru; Editing by Shilpi
Majumdar)
 ((johann.mcherian@thomsonreuters.com;))