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CANADA STOCKS-TSX futures fall amid thin volumes; Dec CPI in focus

Reuters
·2 min read

Jan 15 (Reuters) - Futures for Canada's main stock index dipped on Monday, with low trading volumes, as investors awaited the domestic inflation report later in the week amid renewed optimism about a potential interest rate cut by the U.S. Federal Reserve in March.

March futures on the S&P/TSX index were down 0.2% at 6:54 a.m. ET (1154 GMT).

Canada stocks ended the week at their highest level in 21 months on Friday, boosted by gains in technology shares, bullish technical bets and optimism sparked by U.S. data suggesting the possibility of early Fed rate cuts.

Expectations for a Fed rate cut of at least 25 basis points in March currently stand at 73%, according to CME's FedWatch Tool.

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Volumes were low as U.S. markets were closed on Monday on account of Martin Luther King Jr. Day.

Investors will closely track Canada's inflation report for December this week to strengthen bets on rate cuts by the Bank of Canada, which is due to hold an interest rate review at the end of the month.

Energy shares could see an impact as oil prices dropped due to limited impact on crude output from the Middle East conflict, prompting profit-taking after oil benchmarks gained 2% last week.

Materials shares, including precious and base metals miners along with fertilizer companies, will also be in focus as gold prices rose, holding levels above $2,050 on safe-haven appeal from elevated tensions in the Middle East.

The Toronto Stock Exchange's S&P/TSX composite index ended up 71.82 points, or 0.3%, at 20,990.22, marking its highest weekly closing level since April 2022 on Friday.

In company news, Thomson Reuters raised its offer to buy Sweden's Pagero by 25% to about $789 million and said it now controls about 54% of the company, seeking to fend off competing bids for the e-invoicing and tax solutions firm.

COMMODITIES AT 6:54 a.m. ET

Gold futures: $2,057.5; +0.3%

US crude: $71.99; -1.0%

Brent crude: $77.63; -0.8% ($1= C$1.3414) (Reporting by Shubham Batra in Bengaluru; Editing by Dhanya Ann Thoppil)