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CANADA STOCKS-TSX eyes tepid open as declining oil offsets rising gold prices
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CANADA STOCKS-TSX eyes tepid open as declining oil offsets rising gold prices
Apr 8, 2024 4:52 AM

April 8 (Reuters) - Futures for Canada's main stock

index were muted Monday as falling oil prices countered gains

from rising gold, while investors awaited a busy week with the

Bank of Canada's rate decision and key economic data releases in

the United States.

June futures on the S&P/TSX index were flat at 6:39

a.m. ET (1039 GMT).

Oil prices slid on easing Middle East tensions after Israel

withdrew more soldiers from southern Gaza and committed to fresh

talks on a potential ceasefire in the conflict.

It offset the rise in gold prices that extended their record

rally steered by speculative buying and persistent tensions in

the Middle East.

Meanwhile, copper prices in London hit their highest in over

14 months helped by demand from momentum-following funds and

strong German industrial data.

The Bank of Canada (BoC) is set to announce its next

decision on borrowing costs on Wednesday, where the central bank

is widely expected to leave rates unchanged.

Investors will also monitor crucial economic data in the

U.S., due later in the week, alongside the minutes of the

Federal Reserve last monetary policy meeting for more cues on

the timing of rate cuts in the year.

Markets will also parse through more comments from Fed

officials later on Monday.

The Toronto Stock Exchange's S&P/TSX composite index

ended up 1% on Friday at 22,165.15, notching a fresh

record high.

In corporate news, Royal Bank of Canada ( RY ) on Friday

said it appointed Katherine Gibson as interim Chief Financial

Officer, effective immediately, following the departure of

Nadine Ahn, who was fired over an undisclosed relationship.

COMMODITIES AT 6:39 a.m. ET

Gold futures: $2,346.6; +0.6%

US crude: $86.16; -0.9%

Brent crude: $90.4; -0.8%

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