TSX futures slip on weak metal prices, rate jitters ahead of US CPI data -September 13, 2023 at 07:44 am EDT
(Reuters) – Futures for Canada’s resource-heavy stock index inched lower on Wednesday as prices of precious metals eased, with traders remaining cautious ahead of U.S. inflation data that would provide further clarity on the Federal Reserve’s interest rate path.
September futures on the S&P/TSX index were down 0.1% at 7:03 a.m. ET (11:03 GMT), while Wall Street futures also slipped.
The U.S. consumer prices index (CPI) report for August due at 8:30 a.m. ET is expected to show core inflation easing, though headline inflation is forecast to rise on higher fuel costs.
The Fed is largely expected to keep rates on hold at next week’s meeting, according to CME’s FedWatch Tool. The central bank’s next move in November remains more uncertain.
Metal prices slipped on Wednesday, pressured by a stronger dollar and a rise in U.S. Treasury yields, with gold prices around two-week lows. [GOL/]
Oil prices limited losses on the index as they clung to a 10-month high over lingering supply concerns. [O/R]
Benchmark government debt yields rose, with 10-year bond yields at 3.71%, adding pressure on TSX futures.
The Toronto Stock Exchange’s S&P/TSX composite index ended 0.2% higher at 20,223.08 on Tuesday, powered by gains in the energy sector, which has the second-biggest presence on the index. [.TO]
Dow e-minis were down 35 points, or 0.1% at 7:03 a.m. ET, while S&P 500 e-minis were down 4.25 points, or 0.1% and Nasdaq 100 e-minis were down 19.5 points, or 0.13%. [.N]
COMMODITIES AT 7:03 a.m. ET
Gold futures: $1,915.6; -+-0.1% [GOL/]
US crude: $89.43; -+0.7% [O/R]
Brent crude: $92.62; -+0.6% [O/R]
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
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($1= C$1.3565)
(Reporting by Khushi Singh in Bengaluru; Editing by Tasim Zahid)
