Canada Stocks: TSX futures dive as investors await US data amid global sell-off

Magna International

02/08/2024 11:45

Aug 2 (Reuters) - Futures for Canada's main stock index
slid on Friday as investors exercised caution ahead of crucial
U.S. payrolls data amid a global downturn, while an uptick in
commodity prices helped limit declines.
    September futures on the S&P/TSX index  SXFcv1  were down
1.0% at 6:23 a.m. ET (1023 GMT).
    Investors look forward to the crucial non-farm payrolls data
(NFP) in the U.S., due at 8:30 a.m. ET, that is expected to shed
more light on the state of the American economy.
    It follows weaker factory data from Thursday that stoked
fears of an economic slowdown and weighed on investor sentiment
globally.
    Downbeat earnings from tech companies like Intel  INTC.O 
and Amazon.com  AMZN.O  sparked a sell-off in tech shares across
markets, with U.S. futures falling sharply on Friday.  .N 
    Meanwhile, resources-linked shares in Canada are expected to
limit declines, as oil prices gained and gold was poised for its
biggest weekly jump in four months.  O/R   GOL/ 
    The Toronto Stock Exchange's S&P/TSX composite index
 .GSPTSE  ended 1.7% lower on Thursday, logging its biggest
daily decline since February.  .TO 
    The index had closed at a record high on Wednesday, after
the Federal Reserve opened the door to a September cut at its
last policy decision.
    In corporate news, resources companies like pipeline
operator Enbridge  ENB.TO  and oil producer Imperial Oil
 IMO.TO  are set to report their quarterly figures before the
opening bell on Friday.
    Auto parts supplier Magna International  MG.TO  missed
analysts' estimates for second-quarter results, hurt by
production being stopped for certain vehicles and lower number
of automobiles it assembled.
    COMMODITIES AT 6:23 a.m. ET
    Gold futures  GCc2 : $2,471.4; +1.0%  GOL/ 
    US crude  CLc1 : $76.41; +0.1%  O/R 
    Brent crude  LCOc1 : $79.62; +0.1%  O/R 
    
    
    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= C$1.3869)

 (Reporting by Purvi Agarwal in Bengaluru; Editing by Vijay
Kishore)
 ((Purvi.Agarwal@thomsonreuters.com;))