On November 13, 2024, at 1:06 PM, the futures linked to the Canadian stock index fell slightly on Wednesday ahead of the important US inflation data scheduled later in the day, reflecting the trend on Wall Street. The December futures on the S&P/TSX index were down 0.07% at 6:04 AM ET (11:04 GMT). Futures on Wall Street also edged lower as a rise in Treasury yields weighed on interest rate-sensitive stocks. Investors are closely watching the US Consumer Price Index, set to be released at 8:30 AM ET, to assess the Federal Reserve’s stance on easing monetary policy. Traders see a 63% chance of a 25 basis point rate cut in the United States next month.
However, the markets also anticipate that the policies proposed by President-elect Donald Trump could boost economic growth and inflation, potentially hindering the path to lower Fed interest rates. Trump’s reelection coincides with his proposed tariffs on all imports, which could impact US trade relations, including with Canada. Canada’s energy sector was in the spotlight on Wednesday as oil prices rose due to signs of a short-term supply shortage. The commodity sector could be influenced by gold prices, which rose after hitting a nearly two-month low in the previous session, as well as copper prices, which reached a two-month low in the face of a stronger US dollar.
The TSX Composite Index hit a record high on Tuesday, supported by the technology sector after e-commerce company Shopify reported strong quarterly results. Suncor Energy raised its quarterly dividend after the integrated oil and gas company exceeded third-quarter profit estimates due to higher oil production and demand for refined products. Market prices were as follows: Gold at $2,608.67, up 0.44%; US crude oil at $68.62, up 0.73%; Brent crude oil at $72.40, up 0.71%.
For news on the Canadian markets, click on the following codes: TSX Market Report, Canadian Dollar and Bonds Report, Reuters Global Stocks Survey for Canada, Directory of Canadian Markets. (Please note: $1 = 1.3955 Canadian Dollar)
