Canada Stocks: TSX futures muted as gold declines offset oil gains

New Gold

30/04/2024 11:55

April 30 (Reuters) - Futures for Canada's main stock
index were muted on Tuesday as declines in gold offset a rebound
in oil prices, while investors remained cautious ahead of the
U.S. Federal Reserve interest rate decision and key domestic
economic data later in the week.
    June futures on the S&P/TSX index  SXFcv1  were flat at 6:36
a.m. ET (10:36 GMT).
    Spot gold prices  XAU=  fell nearly 1% on a firmer dollar,
while copper prices in London dipped amid slower growth of
Chinese manufacturing activity.  GOL/   MET/L 
    Oil prices steadied on Tuesday as Israel-Hamas talks offered
hopes of a ceasefire even as Red Sea attacks continued.  O/R 
    Across the border, the U.S. Federal Reserve will announce
its decision on interest rates on Wednesday after its two-day
meeting that commences later in the day. 
    A monthly reading of gross domestic product (GDP) data is
due in Canada at 8:30 a.m. ET, which will provide more insight
into the state of the economy, and have investors adjust their
bets for a rate cut by the central bank in the early half of the
year. 
    Economic data has been in the limelight for investors since
Bank of Canada's Governor Tiff Macklem hinted at the possibility
of a June cut if Canadian inflation kept easing.
    The Toronto Stock Exchange's S&P/TSX composite index
 .GSPTSE  ended 0.2% higher on Monday, at 22,011.62, closing
above the 22,000 threshold for the first time since Tuesday, on
strength in commodity-linked shares.  .TO 
    In corporate news, Scotiabank  BNS.TO  on Monday appointed
banking veteran Travis Machen as the CEO and group head of its
global banking and markets unit, starting May 6.
     Gold miners like OceanaGold  OGC.TO  and New Gold  NGD.TO 
among other companies are set to report their quarterly numbers
on Tuesday.
    
    COMMODITIES AT 6:36 a.m. ET
    Gold futures  GCc2 : $2,328.3; -1.3%  GOL/ 
    US crude  CLc1 : $82.75; +0.2%  O/R 
    Brent crude  LCOc1 : $88.53; +0.2%  O/R 

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