TSX futures rise after Biden exits US election race
July 22 (Reuters) -Futures linked to Canada's main stock index gainedon Monday, boosted by rising gold prices, afterU.S. President Joe Biden exited the 2024 election race.
The S&P/TSX 60 futures SXFcv1 were up 0.60% as of 07:02 a.m. ET (1102 GMT).
Wall Street futures also gained as investors assessedthe odds of Republicancandidate Donald Trump winning the electionsin November. .N
Biden on Sunday announced an end to his reelection campaign and endorsed Vice President Kamala Harris for the Democratic ticket.
Along with the political uncertainty in the world's largest economy, investors veering away from highly valued technology megacaps in the United Statesalso affected its Canadian peers.
Among sectors, materials is expected tograb focus as gold XAU= prices rose, whilecopper prices hit a more than three-month low ondemand worries in China. GOL/ MET/L
On the other hand, losses in oil prices were set to weigh on the Canadian energy sector. O/R
All eyes will now be on the Bank of Canada's monetary policy decision on Wednesday, where markets expect the Canadian central bank to trim borrowing costs again.
With the latest favourable dataset from Canada, including the annual inflation in June and retail sales, the odds of a rate cut stand at 92.1% this week. 0#BOCWATCH
In corporate news, Air Canada AC.TO lowered its full-year core profit forecastas over-capacity in certain markets impacted its pricing power.
COMMODITIES
Gold XAU=: $2407.52; +0.3% GOL/
US crude CLc1: $78.89; -0.3% O/R
Brent crude LCOc1: $82.36; -0.3% 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 = 1.3742 Canadian dollars)
Reporting by Nikhil Sharma in Bengaluru; Editing by Shreya Biswas
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