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PrintCANADA STOCKS-TSX futures fall ahead of domestic GDP data; US earnings weigh
BY Reuters | ECONOMIC | 10/31/24 06:37 AM EDTOct 31 (Reuters) - Futures tied to Canada's main stock index fell on Thursday as uninspiring earnings from U.S. tech giants dampened market sentiment, ahead of key domestic GDP and U.S. economic data later in the day.
December futures on the S&P/TSX index were down 0.3% at 6:00 a.m. ET (10:00 GMT).
Wall Street futures fell on Thursday, as warnings from Meta
Platforms
Later in the day, the personal consumption expenditures index - the Federal Reserve's preferred inflation metric - could give investors clues on future U.S. interest rate cuts.
In Canada, all eyes will be on August gross domestic product numbers at 8:30 a.m. ET to gauge the country's economic health and policy-easing trajectory.
The Bank of Canada has lowered interest rates by one and a quarter percentage points since June to support the economy.
Canada's energy sector could benefit from higher oil prices, driven by optimism over U.S. fuel demand following an unexpected drop in crude and gasoline inventories, as well as reports of OPEC+ possibly delaying its planned output increase.
The materials sector could also grab the limelight as gold prices edged down but were set for their best month in seven in the wake of the hotly contested U.S. presidential election.
The composite index ended lower on Wednesday as investors took profits in high-flying metal mining shares, but it remained close to hitting a monthly gain.
Canadian earnings were also in focus as energy giant
Canadian Natural Resources
COMMODITIES
Gold: $2,776.8; -0.3%
US crude: $68.98; +0.5%
Brent crude: $72.88; +0.5%
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Canadian markets directory ($1 = 1.3918 Canadian dollars) (Reporting by Nikhil Sharma; Editing by Vijay Kishore)
