Stan Rogers Folk Festival 2024: 27 years of music and community | SaltWire #festival #music #ns - Futures for Canada's main stock index slipped on Friday as investors were cautious ahead of crucial U.S. inflation data, which could reset bets on interest rate cuts, and Canada's GDP figures.
June futures on the S&P/TSX index were down 0.1% at 6:51 a.m. ET . On a weekly basis, the benchmark index looks set for its biggest drop since mid-April.The U.S. personal consumption expenditure report for the month of April, which is the U.S. Federal Reserve's preferred inflation gauge, is due at 08:30 ET. It could sway bets on the timing and the scale of the central bank's rate cuts this year.
The Bank of Canada is expected to initiate interest rate cuts in its June 5 monetary policy meeting, with a 64% probability, while markets are pricing in 35 bps cuts from the Fed this year, with a 49% chance of a rate cut in September. Meanwhile, the energy shares are in focus, tracking lower crude prices, as investors await U.S. inflation data for clues on the demand outlook before turning their attention to Sunday's OPEC+ meeting to determine the state of supply into next year.
The Toronto Stock Exchange's S&P/TSX composite index ended higher on Thursday as financials rose on upbeat results from Royal Bank of Canada. In corporate news, Laurentian Bank of Canada booked severance charges of $2.1 million in the second quarter in relation to its organizational changes.Brent crude: $81.45; -0.5% It has been our privilege to have the trust and support of our East Coast communities for the last 200 years.