(Reuters) – Futures for Canada’s main stock index slipped on Thursday, as gloomy forecasts from some U.S. companies soured global sentiment and offset a jump in commodity prices after the U.S. Federal Reserve raised hopes of slowing its monetary policy tightening.
September futures on the S&P/TSX index were down 0.2% at 7:05 a.m. ET.
The Toronto Stock Exchange’s S&P/TSX composite index rose to a one-month high on Wednesday, bolstered by upbeat corporate earnings and rising expectations that the Fed would begin to slow the pace of interest rate hikes. [.TO]
Expectations of slower rate hikes by the Fed and a weakened dollar lifted commodity prices. [O/R] [MET/] [GOL/]
Markets awaited economic growth data from the U.S. later in the day and Canada’s GDP data on Friday to assess the impact of rising rates and soaring inflation on the economy.
Investors were also focussed on quarterly results from Canadian heavyweights.
Cenovus Energy Inc reported a near 11-fold surge in second-quarter profit, helped by its purchase of rival Husky and rising energy prices after the Russian invasion of Ukraine.
Energy is the top-performing sector this year, up about 38%, tracking a surge in crude prices and helping the resource-heavy Toronto benchmark index outperform its European and U.S. peers.
Dow e-minis were down 48 points, or 0.15% at 7:05 a.m. ET, while S&P 500 e-minis were down 9.5 points, or 0.24% and Nasdaq 100 e-minis were down 74.25 points, or 0.59%. [.N]
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(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Shailesh Kuber)
