Canada Stocks: TSX set to open lower ahead of US inflation data

Nuvei

10/05/2023 12:45

May 10 (Reuters) - Futures for Canada's resources-heavy
main stock index fell on Wednesday, tracking weakness in
commodities' prices ahead of U.S. consumer inflation data.
    Market participants will keep a close eye on U.S. April
consumer price index (CPI) data due at 08:30 a.m. ET that could
influence the outlook for Federal Reserve's policy tightening,
with cuts in interest rate expected later this year.  
    Base and precious metals traded lower, while oil prices fell
after a surprise rise in U.S. oil inventories in the possible
sign of weakening demand.  MET/L   GOL/   O/R 
    June futures on the S&P/TSX index  SXFc1  were down 0.2% at
7:23 a.m. ET.
    Among company news, payments tech firm Nuvei Corp  NVEI.TO 
beat expectations for its first-quarter revenue. 
    Brokerage Scotiabank resumed coverage of digital healthcare
firm WELL Health Technologies Corp  WELL.TO  with a sector
"outperform" rating.
    Investors also await domestic March building permits data
due later in the data, which is expected to fall 2.9%, as per a
Reuters poll, from an 8.6% rise in the month previous.    
    In the previous session, the Toronto Stock Exchange's
S&P/TSX composite index  .GSPTSE  ended 0.5% up aided by gains
in the energy and industrial sectors stocks.  .TO 
    Dow e-minis  1YMcv1  were down 53 points, or 0.16% at 7:23
a.m. ET, while S&P 500 e-minis  EScv1  were down 4.25 points, or
0.1% and Nasdaq 100 e-minis  NQcv1  were down 6.5 points, or
0.05%.  .N 
     
    COMMODITIES AT 7:23 a.m. ET 
    Gold futures  GCc2 : $2,029; -0.24%  GOL/ 
    US crude  CLc1 : $72.84; -1.18%  O/R 
    Brent crude  LCOc1 : $76.57; -1.12%  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 = 1.3372 Canadian dollars)

 (Reporting by Vansh Agarwal and Johann M Cherian in Bengaluru;
Editing by Shweta Agarwal)
 ((Vansh.Agarwal@thomsonreuters.com;))