TSX futures slide as rate hike worries loom
Canadian stock futures fell slightly on Thursday as investors worried about further monetary tightening by the U.S. Federal Reserve, while gains in commodity prices limited large losses.
March futures on the S&P/TSX index were down 0.1% at 7:05 a.m. ET.
Across the border, futures linked to the S&P 500 (.SPX) and the Nasdaq (.IXIC) also declined as remarks by Fed Chair Jerome Powell over the past two days dampened any hopes of the central bank easing its hawkish monetary stance anytime soon.
Contracts linked to crude oil and metals also rose in choppy trading, supporting the commodity-heavy TSX’s futures.
Among individual stocks, Panama’s government and miner First Quantum Minerals (FM.TO) agreed on the final text for a contract to operate a key copper mine.
Brokerage Credit Suisse upgraded Nuvei Corp (NVEI.TO) to “outperform” from “neutral”.
On Wednesday, the Toronto Stock Exchange’s S&P/TSX composite index (.GSPTSE) closed 0.3% higher after the Bank of Canada kept interest rates on hold as expected.
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