By (Reuters) – Futures linked to Canada’s main stock index fell on Friday, mirroring its Wall Street peers as investors paused after markets gained over the week due to U.S. interest rate cut.
The futures on the S&P/TSX index were down 0.3% at 6:01 a.m. ET (10:01 GMT).
U.S. stock index futures were lower on Friday, with all three main indexes taking a breather from the previous session’s rally that was fueled by the Federal Reserve’s 50-basis point interest rate cut. [.N]
Canada’s composite index also hit an all-time high on Thursday and were up 1.2% so far this week.
The country’s energy sector stocks could track lower oil prices. But the commodity is still on track for its second straight weekly gains following the U.S. rate cut and declining global stockpiles. [O/R]
However, the materials sector is likely to be lifted by higher gold prices, which hit a record high over prospects of more U.S. rate cuts. Copper prices also hovered around a two-month high. [GOL/] [MET/L]
Investors will monitor the Bank of Canada Governor Tiff Macklem’s speech at 8:30 a.m. ET to get more clues on the central bank’s monetary policy outlook.
The Bank of Canada has already reduced its policy rates three times this year and the recent Fed cut could prompt domestic policymakers to speed up its easing cycle.
In corporate news, Orex Minerals announced the appointment of John Eren as chief executive officer and member of the board of directors, effective immediately.
COMMODITIES
Gold: $2,606.84; +0.79% [GOL/]
US crude: $71.85; -0.1% [O/R]
Brent crude: $74.71; -0.2% [O/R]
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($1 = 1.3567 Canadian dollars)
