TSX futures slip after previous session's gains driven by BoC rate cut
Dec 12 (Reuters) -Futures tied to Canada's main stock index fell on Thursday after a rally in the previous session following the Bank of Canada's outsized interest rate cut.
December futures on the S&P/TSX index SXFcv1 were down 0.27% at 6:02 a.m. ET (11:02 GMT).
The central bank slashed its policy rates by 50 basis points on Wednesday to help boost the country's slower economic growth.
However, Governor Tiff Macklem emphasized further reductions would be more gradual and warned that potential new tariffs under U.S. President-elect Donald Trump represented "a major new uncertainty."
Trump's tariff threats have raised fears of a trade war between the U.S. and two of its biggest trading partners, Canada and Mexico.
In commodities, oil prices remained stable due to weak demand forecasts and a larger-than-expected increase in U.S. gasoline and distillate inventories, offsetting any gains from new European sanctions on Russian oil. O/R
Gold prices dipped ahead of the European Central Bank monetary policy decision, while copper rose on expected Chinese stimulus, though a steady U.S. dollar limited its gains. GOL/MET/L
The composite index .GSPTSE climbed on Wednesday, lifted by positive sentiments around the BoC rate cut and resource shares. .TO
Across the border, investors welcomed the U.S. inflation data that met market expectations, strengthening the likelihood of a quarter-point rate cut by the Federal Reserve next week.
Meanwhile, Wall Street futures slipped on Thursday after the S&P 500 .SPX and Nasdaq .IXIC ended the previous session on a positive note.
Data-wise, a November reading of U.S. producer prices is due at 8.30 a.m. ET, alongside a weekly reading of jobless claims.
In corporate news, non-paper containers & packaging firm Transcontinental TCLa.TO missed fourth-quarter revenue estimates on Wednesday.
COMMODITIES
Gold XAU=: $2,709.27; -0.32% GOL/
US crude CLc1: $70.32; +0.04% O/R
Brent crude LCOc1: $73.53; +0.01% 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 = 1.4141 Canadian dollars)
Reporting by Ragini Mathur; Editing by Vijay Kishore
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