Oct 28 (Reuters) - Futures tracking Canada’s blue-chip stocks edged lower on Wednesday as higher oil prices rekindled inflation concerns ahead of the Bank of Canada’s policy decision later in the day.
December futures on the S&P/TSX index were down 0.1% at 5:54 a.m. ET (0954 GMT)
Oil prices rose more than $2 after an attack on a refinery in Saudi Arabia, which renewed concerns about supply risks from conflicts in the Middle East
The Bank of Canada will likely raise its benchmark interest rate by 25 basis points as a pre-emptive move to stop energy-led inflation from spreading to the rest of the economy, according to money markets and economists
The US Federal Reserve, however, is expected to hold interest rates steady, according to CME FedWatch tool
Spot gold ticked lower on the day as rising oil prices stoked inflation fears
The S&P/TSX Composite Index (.GSPTSE), rose to a six-day high on Tuesday as Celestica’s upbeat quarterly results and higher gold prices lifted precious metal stocks
Canada and the United Arab Emirates signed a comprehensive trade deal on Tuesday to deepen trade ties and boost investment, the governments said
Investors are now looking ahead to earnings from Agnico Eagle Mines (AEM.TO), Alamos Gold (AGI.TO), First Quantum Minerals (FM.TO), and Kinross Gold (K.TO)
Investors also await earnings from major US technology companies, including Microsoft (MSFT.O), opens new tab, for clues on the outlook for the sector, as concerns have grown in recent weeks over heavy artificial intelligence spending and whether it is generating adequate returns
In company news, oil producer Tamarack Valley (TVE.TO), raised its 2026 average production forecast in its third quarter results
Oilfield services firm Trican Well Service' (TCW.TO), third-quarter profit rose on increased operating activity and improved utilization levels
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Reporting by Anand Gopal and Tharuniyaa Lakshmi in Bengaluru; Editing by Tasim Zahid
