⏳ Final hours! Save up to 60% OFF InvestingProCLAIM SALE

TSX futures edge higher ahead of GDP data

Published 29/11/2024, 10:32 pm
© Reuters. FILE PHOTO: The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019.   REUTERS/Chris Helgren/File Photo
GSPTSE
-
SPTSE
-

(Reuters) - Futures tied to Canada's main stock index edged higher on Friday in thin trading volumes, while investors looked forward to the day's key economic data to gauge the pace of the Bank of Canada's interest-rate cuts.

December futures on the S&P/TSX index were up 0.1% at 6:06 a.m. ET (11:06 GMT).

The U.S. equity market reopened for half a day following the Thanksgiving holiday on Thursday, with limited trading volumes expected throughout the day.

All eyes will be on Canada's third-quarter gross domestic product report, due at 8:30 a.m. ET. Economists forecast growth slowing to an annualized rate of 1%, lower than the Canadian central bank's estimate of 1.5%.

The country's economy has buckled under the pressure of high borrowing costs. The top bank has already delivered four rate cuts in a row this year to spur growth.

Traders widely expect a 25-basis-point rate cut at the BoC's rate-setting meeting next month.

The TSX's heavyweight energy sector grabbed attention as oil prices fell, pressured by easing concerns over supply risks from the Israel-Hezbollah conflict. [O/R]

The materials sector could mirror gold prices, which rose due to a dip in the dollar and rising geopolitical tensions, while copper prices also edged higher. [GOL/] [MET/L]

The composite index, which closed at a record high on Thursday due to gains for energy and industrial shares, is on track to log its fifth consecutive monthly rise.

COMMODITIES

Gold: $2,661.40; +0.77% [GOL/]

US crude: $68.30; -0.61% [O/R]

Brent crude: $72.68; -0.82% [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

© Reuters. FILE PHOTO: The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019.   REUTERS/Chris Helgren/File Photo

Canadian markets directory

($1 = 1.4002 Canadian dollars)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.