The benchmark Canadian index posted its highest
closing level in a week in the previous session, lifted by gains
in e-commerce giant Shopify Inc .
(Reporting by Vansh Agarwal and Shashwat Chauhan in Bengaluru;
Editing by Dhanya Ann Thoppil)
May 9 (Reuters) - Futures tracking Canada's
resources-dominated main stock index fell on Tuesday, as oil
prices slumped due to a wary market in the days leading up to
U.S. inflation figures for April.
Futures on the S&P/TSX index were down 0.5% at 7:18
a.m. ET (11:18 GMT), mirroring a decline in their U.S.
counterparts. U.S. stock index futures fell in the early hours of Tuesday
on downbeat earnings forecasts from Apple supplier Skyworks and
payments company PayPal, ahead of much-awaited inflation data
later in the week. Oil prices pulled back after strong gains in the previous
two sessions, which helped steady the resource-heavy TSX after
recent declines following the U.S. banking turmoil.
Gold prices edged up to trade in a narrow range. Investors will parse the U.S. April consumer price inflation
(CPI) data, due on Wednesday, for signs that the Federal Reserve
is indeed at the end of its rate hiking cycle, as markets have
been hoping recently.
Wildfires prompted Canada's main oil-producing province
Alberta to declare a provincial state of emergency, shutting in
at least 280,000 barrels of oil equivalent per day (boepd), or
more than 3% of the country's production.
Steady demand for energy amid crimped global supplies helped
Suncor Energy Inc report a better-than-expected
first-quarter profit.
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