TSX futures slip on US data, BoC rate decision focused | Aici

Futures on the S&P/TSX index were down 0.3% at 0658 am ET (1158 GMT), reflecting a decline in their US counterparts.

Investors will focus on US business activity data due at 0945 am ET.

Meanwhile, another interest rate hike by the Bank of Canada (BoC) is looming, with traders betting on a 25 basis point hike on Wednesday.

The BoC has raised its overnight lending rate to 2022, with the current rate sitting above 16 years.

In its previous decision in December, the central bank noted that its unprecedented tightening campaign was coming to an end.

Canada’s benchmark index rose to its highest close in more than seven months on Monday, as technology companies trailed their Wall Street peers higher.

Commodity prices, which tend to weigh heavily on the TSX, were firm on Tuesday.

Crude oil prices hit record highs as worries about a global recession and an expected build in US oil inventories were weighed down by hopes of a recovery in fuel demand from top exporter China. (O/R)

Metals were a mixed bag, with copper prices falling while gold prices rose. (IGOL/) (MET/L)

Materials and energy companies together weigh about 31% in the main index.

On the earnings front, investors will look to quarterly results from Metro Inc and Blackline Safety Corp before the market opens.

(Reporting by Shashwat Chauhan in Bengaluru; Editing by Sherry Jacob-Phillips)

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