CANADA STOCKS-TSX futures dip as commodity prices fall

Reuters
·1 min read

Jan 30 (Reuters) - Canada's resources-heavy main stock index futures fell on Monday, tracking declines in commodity prices while markets braced for a slew of interest rate decisions from major central banks this week.

The S&P/TSX index futures were down 0.5% at 06:52 a.m. ET (11:52 GMT) after the benchmark Canadian index closed higher on Friday, aided by a rise in technology stocks.

U.S. futures also fell, with the tech-heavy Nasdaq futures falling more than 1%.

Both oil and copper prices fell, as worries about the demand outlook in top consumer China dominated sentiment. Gold prices were also down.

Materials and energy companies have a combined weightage of about 31% on the main index.

The week is packed with monetary policy decisions from the U.S. Federal Reserve, European Central Bank (ECB) and the Bank of England, with all of them expected to hike their overnight lending rates later.

Markets will be on the lookout for Canadian GDP data due Tuesday, which will follow a 25 basis point rate hike last week from the Bank of Canada, which became the first major central bank to say it would likely hold off on further increases for now. (Reporting by Shashwat Chauhan in Bengaluru; Editing by Rashmi Aich)

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