CANADA STOCKS-TSX futures dip ahead of U.S. inflation data

Reuters
2 min read
0
In this article:

Jan 27 (Reuters) - Futures for Canada's main stock index edged lower on Friday, a day after the index touched seven-months highs, but declines were at bay as oil prices extended gains ahead of a key U.S. inflation reading.

Futures on the S&P/TSX index were down 0.1% at 7:05 a.m. ET, (1205 GMT) after the benchmark Canadian index posted its highest closing level since June 8 on Thursday.

Both U.S. and Canadian futures indicated a lower open ahead of the U.S. personal consumption expenditure (PCE) report, a crucial stepping stone in gauging where the Federal Reserve stands on further monetary policy tightening.

Investors would be on thin ice heading into next week, with major central banks such as the Fed, the European Central Bank (ECB) and the Bank of England (BoE) all coming out with their decisions on interest rates as major world economies continue to grapple with runaway inflation.

The Bank of Canada became the first major central bank to signal a pause in rates hikes when it upped its overnight lending rate by an expected 25-basis-points on Wednesday.

Earnings season in the United States posted a glum picture overnight, as chipmaker Intel reported its worst revenue slump in at least two decades and warned of additional losses amid weak demand for personal computers.

Commodity prices, which tend to influence the resources-heavy TSX, were a mixed bag.

Oil prices rose for a second session, buoyed by stronger than expected U.S. economic growth, strong middle distillate refining margins and hopes of a rapid recovery in Chinese demand.

Gold and copper prices were steady.

On the research front, National Bank of Canada raised electricity generator TransAlta Corp to "outperform" from "sector perform". (Reporting by Shashwat Chauhan in Bengaluru; Editing by Shailesh Kuber)

Advertisement

Recommended Stories

  • Plug Power (PLUG) Reports Q1 Loss, Lags Revenue Estimates

    Plug Power (PLUG) delivered earnings and revenue surprises of -34.38% and 26.18%, respectively, for the quarter ended March 2024. Do the numbers hold clues to what lies ahead for the stock?

  • Can I Use My RMDs to Transfer Money Into My Roth IRA?

    If you're taking a required minimum distribution from an IRA, 401(k) or other tax-deferred account and don't need the money to cover living expenses, where should you stash that unneeded cash? Investors now need to start taking RMDs at age 73 or, if they were born after 1960, at age 75. Depending on the balances of […] The post Can I Use My RMDs to Transfer Money Into My Roth IRA? appeared first on SmartReads by SmartAsset.

  • Billionaire Bill Gates Has 51% of His Portfolio Invested in 2 Brilliant Stocks

    The Bill and Melinda Gates Foundation Trust outperformed the S&P 500 by a wide margin over the past three years, in part because of these two stocks.

  • ‘Seriously Underwater’ Home Mortgages Tick Up Across the US

    (Bloomberg) -- Roughly one in 37 homes are now considered seriously underwater in the US and that share is much higher across a swath of southern states, according to data out Thursday.Most Read from BloombergMicrosoft’s Xbox Is Planning More Cuts After Studio ClosingsAmericans Are Racking Up ‘Phantom Debt’ That Wall Street Can’t TrackStormy Daniels Will Return to Court in Test of Trump’s DemeanorArm Slides as Tepid Outlook Fuels Concerns Over AI SlowdownNationally, 2.7% of homes carried loan ba

  • Ask an Advisor: Can a Nursing Home Take Our IRA? We Have a $100K IRA and a Trust to Protect Our Assets

    My wife and I are elderly. I have an individual retirement account (IRA) worth about $100,000, and we have a trust set up through our children to protect our assets. If one or both of us have to go into … Continue reading → The post Ask an Advisor: Can a Nursing Home ‘Take Our IRA?' My Wife and I Are Elderly. We Have a $100K IRA and a Trust to Protect Our Assets. appeared first on SmartAsset Blog.

  • Roblox Stock Is Plummeting After Earnings. Here’s What We Know.

    The videogame platform posted a narrower-than-expected quarterly loss and saw sales rise sharply from a year ago.

  • Morgan Stanley Predicts up to 110% Rally for These 2 ‘Strong Buy’ Stocks

    Uncertainty is the word of the day, in reference to the near-term economic future. Sentiment will hinge on the inflation numbers due out next week. March’s figure rose to 3.5%, and April’s job numbers showed a marked slowing in the labor market; that combination has stoked fears of stagflation. But – corporate earnings from Q1 are beating expectations, and the stock market has taken a turn for the better with the S&P 500 closing just below 5,200 yesterday. Economic strategists are still optimist

  • Too many tractors: As boom times fade, farm equipment piles up

    Falling crop prices are leaving agriculture equipment sellers with an excess of unsold tractors and combines. The slower equipment sales are a knock-on effect of corn and soy prices dropping to more than three-year lows as U.S. farm income plummets and equipment makers and dealers are forced to pivot quickly after a period of booming business. Reuters interviewed ten equipment dealers, mostly in the Midwest, as well as farmers and analysts, who said low crop prices combined with persistently high interest rates are deterring farmers from purchasing machinery.

  • Roblox Stock Plunges On Firm's Weak Outlook. Investors Say 'Game Over.'

    Video game platform Roblox beat estimates for the first quarter but guided below views for the current quarter and full year. Roblox stock plummeted on the news.

  • 1 Vanguard ETF That Can Serve as a Complete Stock Portfolio

    This single Vanguard ETF provides a straightforward path to a secure retirement.