Canada Stocks: TSX futures slip as investors await domestic inflation data

Verticalscope Holdings

15/10/2024 11:46

Oct 15 (Reuters) - Futures tied to Canada's main stock
index fell on Tuesday due to lower crude prices, with investors
returning from a long weekend and adopting a cautious tone ahead
of key domestic inflation data.
    December futures on the S&P/TSX index  SXFcv1  were down
0.3% at 6:01 a.m. ET (10:01 GMT).
    All eyes were on Canada's consumer price index data (CPI),
due at 08:30 a.m. ET, which could give investors signals about
the magnitude of the central bank's interest rate cut at its
policy meeting on October 23.
    The data is expected to show that the annual inflation rate
cooled to 1.8% in September, below the Bank of Canada's target
of 2%, which it had managed to maintain in August.
    Traders currently see a 47.2% chance for a hefty 50-basis
point cut, while bets for a quarter-point reduction stand at
52.8%.  0#BOCWATCH 
    The top bank has already cut rates three times this year,
and at its September policy meeting, it stressed the need to
prevent inflation from falling too much due to weak economic
growth.
    Canada's energy sector could take a hit as oil prices
dropped over 4% due to a weaker demand outlook and after reports
said Israel is not willing to strike Iranian oil targets.  O/R 
    The materials sector could take its cues from gold prices
that steadied and copper prices that fell to a three-week low.
 GOL/   MET/L 
    The composite index  .GSPTSE  hit a record high on Friday in
a broad-based rally as investors cheered U.S. bank earnings and
the move to lower borrowing costs globally.
    In corporate news, brokerage CIBC downgraded Canadian
technology firm VerticalScope Holdings  FORA.TO  to neutral from
outperformer. 


    COMMODITIES 
    Gold  XAU= : $2,654.2; +0.1%  GOL/ 
    US crude  CLc1 : $70.19; -4.9%  O/R 
    Brent crude  LCOc1 : $73.73; -4.8%  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 = 1.3808 Canadian dollars)

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