Investors will more likely scrutinize Fed Chair Jerome
Powell's press conference after the decision to understand where
the Fed stands on future rate increases.
Back home, investors will be on the lookout for Canadian
January manufacturing activity data due after the open to gauge
the state of the economy after the Bank of Canada last week
raised its lending rate for the eighth time.
Commodity prices, a big influence on the commodity-heavy
TSX, were a mixed bag.
Oil prices were broadly stable as the market is looking
towards a meeting of OPEC and its allies, as well the Fed's rate
decision and U.S. data on crude and fuel stockpiles. Copper prices slipped amid uncertainty about demand in top
metals consumer China, while gold prices were muted. In earnings, Canadian Pacific Railway reported
better-than-expected fourth quarter profit overnight.
Information tech company CGI reported
better-than-expected first-quarter 2023 results.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Sriraj
Kalluvila)
Feb 1 (Reuters) - Futures for Canada's main stock index
edged lower on Wednesday, as investors moved to the sidelines
ahead of the U.S. Federal Reserve's policy decision later in the
day.
Futures on the S&P/TSX index were down 0.2% at 6:46
a.m. ET (1146 GMT) after the benchmark closed nearly 1% higher
in the previous session.
All three major U.S. futures indicated a lower open. The TSX ended on a strong note on Tuesday to close its best
January performance since 2019.
The U.S. central bank is scheduled to announce its decision
at 14:00 ET and traders are leaning heavily towards a 25-basis
points hike.
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