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TSX eyes lower open as commodity prices slip; Fed minutes on tap

Reuters
·2-min read
Toronto Stock Exchange's S&P/TSX composite index rises to a record high

(Reuters) - Futures for Canada's main stock index eased on Wednesday, pressured by lower prices of most commodities, while investors awaited minutes of the U.S. Federal Reserve's last policy meeting for clues on the timing of its monetary policy easing.

June futures on the S&P/TSX index were down 0.2% at 6:05 a.m. ET (10:05 GMT).

The materials index, which led gains in the previous session, could slip as prices of most base and precious metals fell.

Copper prices fell on softening physical demand and higher inventories in top consumer China, while gold prices slipped as investors strapped in for minutes from the Fed's April 30- May 1 policy meeting for further insights on the timeline for interest rate cuts.[MET/L] [GOL/]

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The energy index could also inch downwards on lower crude prices over expectations of higher-for-longer U.S. interest rates, potentially impacting fuel use in the world's largest consumer. [O/R]

Meanwhile, investors also look forward to the long-awaited earnings report and accompanying commentary from AI bellwether Nvidia, due later in the day.

The Toronto Stock Exchange's S&P/TSX composite index ended higher on Tuesday, recording fresh all-time highs on strength from commodity-linked stocks. [.TO]

Dow e-minis were down 34 points, or 0.08% at 6:04 a.m. ET, while S&P 500 e-minis were down 7 points, or 0.13% and Nasdaq 100 e-minis were down 19.25 points, or 0.1%. [.N]

In company news, Power Corporation of Canada has shut its China investment unit and dismissed all staff, becoming the latest Western financial firm to pull back amid the country's economic challenges.

Copper miner Hudbay Minerals plans to raise $300.2 million in an equity offering to help fund near-term growth initiatives at its Copper Mountain unit, among other purposes.

COMMODITIES AT 6:04 a.m. ET

Gold futures: $2,419.8; -0.3% [GOL/]

US crude: $78.08; -0.7% [O/R]

Brent crude: $82.34; -0.7% [O/R]

($1= C$1.3652)

(Reporting by Khushi Singh in Bengaluru; Editing by Ravi Prakash Kumar)