(Reuters) – Futures for Canada’s resource-heavy main stock index fell on Wednesday, tracking a downward trend in crude prices, while investors remained cautious ahead of the minutes from the U.S. Federal Reserve’s last policy meeting.
March futures on the S&P/TSX index were down 0.4% at 7:01 a.m. ET (12:01 GMT).
Energy shares could take a hit as oil prices extended losses from the previous session on growing expectations that interest rate cuts in the U.S. will take longer, which outweighed ongoing concerns over the Red Sea attacks. [O/R]
Meanwhile, spot gold prices rose on buoyed safe-haven demand due to escalating conflict in the Middle East. [GOL/]
Across the border, the minutes from the Federal Reserve’s last policy meeting are due at 2:00 p.m. ET, which could provide more details on the timing of interest rate cuts from the U.S. central bank.
The Fed held the policy rate in the current range at its latest decision on Jan. 31, where Chair Jerome Powell also knocked down prospects of a rate cut in March.
Wall Street futures were also pressured ahead of chip designer Nvidia’s high-stakes earnings report and the minutes. [.N]
Investors will also monitor corporate earnings from Canadian miners like Lundin Mining Corp and Alamos Gold among other stocks, set to report their results after the bell on Wednesday.
The Toronto Stock Exchange’s S&P/TSX composite index ended 0.2% lower on Tuesday, snapping a three-session gaining streak.
In corporate news, copper miner First Quantum Minerals reported a net loss for the fourth quarter on Tuesday, as production was hit by the closure of its Cobre Panama mine.
Apparel-maker Gildan Activewear reported its fourth-quarter results above analysts’ estimates.
COMMODITIES AT 7:01 a.m. ET
Gold futures: $2,028.9; +0.1% [GOL/]
US crude: $76.55; -0.6% [O/R]
Brent crude: $81.83; -0.6% [O/R]
(Reporting by Purvi Agarwal in Bengaluru; Editing by Ravi Prakash Kumar)
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