CANADA STOCKS-TSX futures slip ahead of BoC rate decision

Oct 23 (Reuters) - Futures tied to Canada's main stock index fell on Wednesday, hurt by crude prices, ahead of the Bank of Canada's monetary policy decision that is expected to result in an outsized interest rate cut.

December futures on the S&P/TSX index were down 0.2% at 6:03 a.m. ET (10:03 GMT).

The composite index ended slightly lower on Tuesday as declines in financial and utilities sectors weighed.

The Canadian central bank's policy meeting at 9:45 a.m. ET was on the front burner as investors widely anticipated a 50-basis-point cut, the odds of which stand at 91.6%.

A larger-than-usual cut would be its first such reduction in 15 years outside of the pandemic era.

The BoC has offered three separate quarter-point cuts this year, and with inflation below its 2% target, the top bank would now prioritize boosting the domestic economy.

Canada's energy sector could be under pressure as oil prices slipped after industry data revealed U.S. crude inventories swelled more than expected.

The materials sector could grab the limelight as gold prices hit a record high on strong demand driven by the Middle East conflict and uncertainties around the U.S. election. Conversely, copper prices fell against a stronger dollar.

Global markets felt jitters due to the looming U.S. presidential election on Nov. 5 as investors remained uncertain about which candidate could win the White House.

Wall Street futures slipped on Wednesday as Treasury yields rose, while investors awaited earnings reports from companies such as Boeing and Tesla.

In corporate news, miner First Quantum Minerals (FQVLF) beat third-quarter profit estimates on higher sales volumes for copper and gold along with stronger realized gold prices.

COMMODITIES

Gold: $2,750.8; +0.1%

US crude: $70.95; -1.1%

Brent crude: $75.22; -1.1%

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Canadian markets directory ($1 = 1.3822 Canadian dollars) (Reporting by Nikhil Sharma; Editing by Vijay Kishore)