Canada Stocks: TSX futures fall as oil prices decline, China stimulus optimism fades

Mene

08/10/2024 11:49

Oct 8 (Reuters) - Futures for Canada's resource-heavy
main stock index fell on Tuesday as crude prices declined over
easing concerns about a supply disruption in the Middle East,
while fading optimism about China's stimulus weighed on metal
prices.
    December futures on the S&P/TSX index  SXFcv1  were down
0.4% at 6:01 a.m. ET (10:01 GMT).
    Canada's energy sector could come under pressure due to a
decline in oil prices as markets still await an Israeli response
to the Iranian rocket attacks that had triggered a rally in
crude last week.  O/R 
    The materials sector is under focus due to gold prices
slipped against a stronger dollar, while copper prices hit a
two-week low as Chinese officials held back on unleashing more
stimulus to boost the economy of the world's largest commodity
consumer.  GOL/   MET/L 
    Meanwhile, investors awaited U.S. Consumer Price Index (CPI)
figures and Canada's unemployment data, due later in the week,
to help re-calibrate bets for interest rate cuts in both the
countries.
    Markets see a 90.7% chance of a 25-basis points cut at the
Federal Reserve's November policy meeting, while expectations
for a quarter-point-cut by the Bank of Canada later in the month
stand at 72.8%.  0#BOCWATCH   0#FEDWATCH 
    The composite index  .GSPTSE  ended lower on Monday on
diminished expectations of a larger cut by the Fed in November.
    In corporate news, online jewelry brand Mene  MENE.V  named
Sean Try as its chief financial officer, effective immediately,
following Gavin Johnson's resignation.
    
    
    COMMODITIES 
    Gold  XAU= : $2,641.5; -0.08%  GOL/ 
    US crude  CLc1 : $75.69; -1.9%  O/R 
    Brent crude  LCOc1 : $79.47; -1.8%  O/R 
    
    
    FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
    TSP market report  .TO 
    Canadian dollar and bonds report  CAD/   CA/ 
    Reuters global stocks poll for Canada  EQUITYPOLL1 
 EPOLL/CA 
    Canadian markets directory  CANADA 
 

($1 = 1.3642 Canadian dollars)

 (Reporting by Nikhil Sharma in Bengaluru; Editing by Leroy Leo)
 ((Nikhil.Sharma@thomsonreuters.com))