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PrintCANADA STOCKS-TSX futures rise on strength in oil and metal prices
BY Reuters | ECONOMIC | 10/24/24 06:33 AM EDTOct 24 (Reuters) - Futures tied to Canada's main stock index rose on Thursday, aided by higher crude and metal prices, after the Bank of Canada lowered its policy rates by 50 basis points the previous day.
December futures on the S&P/TSX index were up 0.5% at 6:02 a.m. ET (10:02 GMT).
Canada's energy sector could rebound as oil prices jumped around 2% due to supply concerns stemming from conflict in the Middle East and reports of North Korean troops ready to help Russia in Ukraine.
The materials sector could benefit from rising gold prices driven by higher demand amid geopolitical tensions and U.S. election uncertainty, while higher copper prices could also lend support.
The composite index ended lower for the third straight session on Wednesday, pressured by declines in resource and technology shares.
The Canadian central bank on Wednesday slashed its interest rate by a larger-than-usual half point, bringing it down to 3.75% from 4.25%, and hailed signs that the country has returned to an era of low inflation.
The move was highly anticipated by investors, who have now shifted their focus to the BoC's December policy meeting, with markets seeing a slim 18.6% chance of another outsized rate cut.
Across the border, Wall Street futures also rose on Thursday as an upbeat forecast from Tesla kicked off mega-cap earnings on a positive note.
Among major datasets, S&P Global flash PMI and weekly jobless claims are due later in the day.
In corporate news, Canadian miner Teck Resources
COMMODITIES
Gold: $2,736.7; +0.7%
US crude: $72.19; +2.0%
Brent crude: $76.38; +1.9%
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Canadian markets directory ($1 = 1.3818 Canadian dollars) (Reporting by Nikhil Sharma in Bengaluru; Editing by Vijay Kishore)
