(Reuters) – Futures tracking Canada’s main stock index fell on Tuesday as lower oil and metal prices weighed on commodity-linked shares, with the markets awaiting Bank of Canada’s interest rate decision later in the week.
Futures on the S&P/TSX index were down 0.4% at 66:45 a.m. ET.
Oil prices fell by more than $1 per barrel on Tuesday as bearish economic data from key global economies heightened demand fears. [O/R]
Precious metal prices were down in the face of a stronger dollar, making the zero-yield bullion unattractive for other currency holders. [GOL/]
Futures tracking the U.S. markets were down with investors awaiting earnings reports from companies including Microsoft and Google-owner Alphabet after market close. [.N]
The Toronto Stock Exchange’s S&P/TSX composite index closed up 0.30% at 18,918.40 on Monday after hitting a more than two-week high at the start of trading. [.TO]
Meanwhile, traders are betting on a 70% chance of another supersized 75 basis points hike by Canada’s apex bank on Wednesday, which could take the overnight lending rate, which is already at a 14-year high, to 4%.
Among individual stocks, Pharmacy Inc will report its third-quarter results before the markets open on Tuesday.
($1 = 1.3741 Canadian dollars)
(Reporting by Shashwat Chauhan in Bengaluru)
