CANADA STOCKS-TSX futures slip ahead of Fed rate decision
Feb 1 (Reuters) - Futures for Canada's main stock index edged lower on Wednesday, as investors moved to the sidelines ahead of the U.S. Federal Reserve's policy decision later in the day.
Futures on the S&P/TSX index were down 0.2% at 6:46 a.m. ET (1146 GMT) after the benchmark closed nearly 1% higher in the previous session.
All three major U.S. futures indicated a lower open.
The TSX ended on a strong note on Tuesday to close its best January performance since 2019.
The U.S. central bank is scheduled to announce its decision at 14:00 ET and traders are leaning heavily towards a 25-basis points hike.
Investors will more likely scrutinize Fed Chair Jerome Powell's press conference after the decision to understand where the Fed stands on future rate increases.
Back home, investors will be on the lookout for Canadian January manufacturing activity data due after the open to gauge the state of the economy after the Bank of Canada last week raised its lending rate for the eighth time.
Commodity prices, a big influence on the commodity-heavy TSX, were a mixed bag.
Oil prices were broadly stable as the market is looking towards a meeting of OPEC and its allies, as well the Fed's rate decision and U.S. data on crude and fuel stockpiles.
Copper prices slipped amid uncertainty about demand in top metals consumer China, while gold prices were muted.
In earnings, Canadian Pacific Railway reported better-than-expected fourth quarter profit overnight.
Information tech company CGI reported better-than-expected first-quarter 2023 results. (Reporting by Shashwat Chauhan in Bengaluru; Editing by Sriraj Kalluvila)