Jan 31 (Reuters) - Futures for Canada's resources-heavy
main stock index fell on Tuesday as commodity prices edged
lower, while investors waited for Canadian GDP data to gauge the
state of the economy.
Futures on the S&P/TSX index were down 0.4% at 6:15
a.m. ET after the benchmark on Monday posted its biggest
single-day drop since the start of the year.
The mood appeared to be glum on Wall Street too, with all
the three major U.S. stock index futures indicating a lower
open. Oil prices fell about 1% as the prospect of further interest
rate increases and ample Russian crude flows outweighed demand
recovery expectations from China. Gold prices fell to their lowest levels in more than one
week as the dollar firmed, while copper prices also declined. Materials and energy companies have a combined weightage of
about 31% on the main index.
Canadian GDP data, due 8:30 a.m. ET, is expected to show the
economy grew 0.1% in November.
Investors are awaiting monetary policy decisions from the
U.S. Federal Reserve, the European Central Bank (ECB) and the
Bank of England (BoE) this week for clues on the trajectory of
interest rates.
The Bank of Canada raised its lending rate by an expected
25-basis points last week and said it would likely hold off on
further increases for now.
In earnings, Imperial Oil will report results
before markets open.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Sriraj
Kalluvila)
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