Canada Stocks: TSX futures inch up on firm crude prices

Onex

26/06/2024 11:50

June 26 (Reuters) - Futures linked to Canadian stocks
edged higher on Wednesday, supported by higher crude prices, and
were set to regain previous session's lost ground after an
unexpected rise in domestic inflation diminished hopes of a July
rate cut by the Bank of Canada (BoC).
    September futures on the S&P/TSX index  SXFcv1  were up
0.08% at 06:31 a.m. ET (1031 GMT).
    Wall Street futures were also up on Wednesday, as Nasdaq
extended its rally from the previous session on the back of
robust gains in chipmaker Nvidia and other tech megacaps.  .N 
    The energy sector  .SPTTEN  was set for a positive start as
oil futures  LCOc1 ,  CLc1  rose, hovering around a two-month
high, due to forecasts of an eventual inventory drawdown during
the third quarter and risks related to the Middle East conflict.
 O/R 
    Copper prices rose on firm dollar but weak demand in China
restricted gains. On the other hand, gold prices  XAU=  fell
ahead of the key U.S. inflation data due later this week.  GOL/ 
 MET/L 
        A hotter-than-expected annual Canadian inflation data on
Tuesday dwindled hopes of a second interest rate cut by the BoC
at its next policy meeting on July 24.
    Markets now see the Canadian central bank keeping rates
steady in July, while anticipating roughly two 25-basis-point
rate cuts later this year.  0#BOCWATCH 
    However, there will be another set of inflation readings,
coupled with GDP figures for May and the jobs report for June,
before the BoC can make a decision.
    In corporate news, Onex Corp-  ONEX.TO  backed WestJet
Airlines said a union representing its maintenance engineers
rejected its new offer and served a second strike notice, just
days after the union called off a strike by agreeing to return
to the bargaining table.
    
    COMMODITIES 
    Gold  XAU= : $2309.33; -0.42%  GOL/ 
    US crude  CLc1 : $81.57; +0.92%  O/R 
    Brent crude  LCOc1 : $85.69; +0.80%  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 = 1.3670 Canadian dollars)

 (Reporting by Nikhil Sharma in Bengaluru; Editing by Vijay
Kishore)
 ((Nikhil.Sharma@thomsonreuters.com;))