Canada Stocks: TSX futures inch higher on rising commodity prices, BoC decision eyed
11/07/2023 12:29
July 11 (Reuters) - Futures for Canada's main stock
index edged higher on Tuesday as traders refrained from making
big bets ahead of the Bank of Canada's (BoC) verdict on monetary
policy on Wednesday, while commodity prices advanced on a softer
dollar.
September futures on the S&P/TSX index SXFc1 were up 0.1%
at 7:00 a.m. ET (1100 GMT) after the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE closed nearly flat on Tuesday.
The BoC's policy meeting will be on the radar as the central
bank is widely expected to deliver another 25-basis-point hike
on Wednesday after data last week hinted at a robust jobs
market.
J.P.Morgan now expects the BoC to hike its lending rate by
25 bps to 5% on Wednesday, while Bank of America expected the
central bank to hold rates steady.
Crude prices ticked higher as traders weighed supply cuts by
the world's biggest oil exporters and hopes for higher demand in
the developing world in the second half of 2023 against a
sluggish global economic outlook. O/R
Prices of most industrial metals were on the rise on a
softer dollar, while gold XAU= prices were nearing a
three-week high. GOL/ MET/L
The dollar =USD weakened to a two-month low after several
U.S. Federal Reserve officials on Monday said the American
central bank will likely need to raise interest rates further,
but the end to its current monetary policy tightening cycle is
getting close. FRX/
U.S. index futures edged higher ahead of June U.S. inflation
data due Wednesday. .N
Operators of multiple restaurant concepts MTY Food Group
MTY.TO reported higher second-quarter revenue.
Discount store chain Dollarama DOL.TO said its chief
financial officer, J.P. Towner, would step down in the coming
months to pursue another career opportunity.
COMMODITIES AT 7:00 a.m. ET
Gold futures GCc2 : $1941.3; +0.5% GOL/
US crude CLc1 : $73.33; +0.47% O/R
Brent crude LCOc1 : $77.99; +0.4% O/R
($1 = 1.3275 Canadian dollars)
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Pooja
Desai)
((Shashwat.Chauhan@thomsonreuters.com;))