June 3 (Reuters) - Futures for Canada's main stock index slipped on Monday as investors turned cautious ahead of the Bank of Canada's interest rate decision and more economic data later this week.
June futures on the S&P/TSX index were down 0.2% at 6:45 a.m. ET (10:45 GMT).
The main event for the week would be the BoC's rate decision on Wednesday. The central bank is expected to trim interest rates to 4.75%, according to three-quarters of economists in a Reuters poll that showed three further cuts this year, with the last one hanging on a knife's edge.
The loonie was marginally higher against the U.S. dollar at C$1.3654.
The expectations of a rate cut were boosted after the Canadian economy expanded at a slower-than-expected pace in the first quarter, data showed on Friday.
Investors will also closely monitor the domestic labor market report, due end of the week, for the central bank's future interest-rate path.
Meanwhile, S&P Global's manufacturing Purchasing Managers' Index (PMI) for May is due at 0930 ET.
Among sectors, materials could be in focus after copper prices rose as data from top consumer China showed stronger factory activity and U.S. inflation data reinforced hopes of interest rates cuts by the Federal Reserve this year.
The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE), opens new tab ended higher on Friday, adding to its monthly gain, as investors rotated to more defensive areas of the market.
Across the border, futures linked to S&P 500 (.SPX), opens new tab and Nasdaq Composite (.IXIC), opens new tab climbed as U.S. Treasury yields fell after Friday's inflation data raised hopes of interest rate cuts in 2024.
In individual stocks, brokerage RBC cut the rating of Canada Western Bank (CWB.TO), opens new tab to 'sector perform' from 'outperform', while National Bank of Canada made a similar rating change on Enerflex Ltd (EFX.TO), opens new tab.
COMMODITIES AT 6:45 a.m. ET
Gold futures : $2,336.4; +0.1%
US crude : $76.76; -0.3%
Brent crude : $80.92; -0.2%
($1= C$1.3654)
Reporting by Shubham Batra in Bengaluru; Editing by Shreya Biswas
