TSX futures inch lower ahead of data-heavy week

Reuters

TSX futures inch lower ahead of data-heavy week

2024 10월 7 일, 오전 11:09 GMT

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Oct 7 (Reuters) -Futures tied to Canada's main stock index fell slightly on Monday as investors slashed bets for a larger U.S. interest rate cut in November, while keeping focus on the crucial domestic and the U.S. economic data later this week.

December futures on the S&P/TSX index SXFcv1 were down 0.1% at 6:03 a.m. ET (10:03 GMT).

The TSX composite index .GSPTSE scaled a record high on Friday after strong U.S. jobs data allayed concerns about a slowdown in the world's largest economy, and with it tempered hopes of another bumper rate cut by the Federal Reserve next month.

Money markets currently see a 88% chance for a 25-basis-point rate cut by the Fed in November, with another similar-sized cut expectedin December. 0#FEDWATCH

All eyes this week will be on the U.S. Consumer Price Index (CPI) figures on Thursday that is expected to show headline inflation moderated in September to 0.1% on a monthly basis from 0.2% a month ago.

Canada's unemployment data on Friday will be another important catalyst for investors to gauge Canadian central bank's interest-rate path. The Bank of Canada is widely expected to deliver a fourth cut at the meeting later in the month. 0#BOCWATCH

The week also marks the beginning of earnings season on Wall Street, with major banks including JP Morgan Chase JPM.N, Wells Fargo WFC.N and BlackRock BLK.N expected to report their quarterly results on Friday.

Among sectors, Canada's energy stocks could extend their rally afteroil prices jumped on worries over wider Middle East conflict disrupting exports in the region. O/R

In corporate news, Chevron CVX.N would sell its non-operated interest in the Athabasca Oil Sands project and its operated interest in Duvernay shale to Canadian Natural Resources CNQ.TO for $6.5 billion.

COMMODITIES

Gold XAU=: $2,657.4; +0.2% GOL/

US crude CLc1: $75.98; +2.2% O/R

Brent crude LCOc1: $79.53; +1.9% O/R

($1 = 1.3592 Canadian dollars)

Reporting by Nikhil Sharma in Bengaluru; Editing by Leroy Leo

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