TSX futures decline the market is waiting for data
2022.12.08 09:26
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TSX futures decline the market is waiting for data
Budrigannews.com – While investors awaited U.S. labor data to gauge the Federal Reserve’s next policy move amid growing fears of a recession, futures tracking Canada’s resources-heavy main stock index were subdued on Thursday as gold prices fell.
After a recent run of losses, futures on the S&P/TSX index were unchanged, while those on Wall Street’s main indexes stabilized. N] While gold prices declined against a stronger dollar, oil prices rebounded on hopes that China’s loosening of COVID regulations will rekindle demand. O/R] [MET/L]
Product costs significantly affect Toronto stocks, as materials and energy organizations consolidated have a weightage of around 31% on the fundamental record.
More Prices for online goods decreased in the US
Investors will keep an eye out for additional data, including the weekly jobless claims report later in the day, in the lead-up to the U.S. central bank’s interest rate decision next week. Recent signs of U.S. economic strength have fueled concerns that interest rates may remain higher for a longer period of time.
On Wednesday, the Bank of Canada increased its overnight lending rate by 50 basis points, reaching a 15-year high. However, the central bank indicated that its unprecedented tightening campaign was coming to an end.
Although it has recovered from its October lows on hopes that the U.S. Fed and other major central banks may temper their aggressive rate-hike stance, the benchmark Canadian index closed lower for a fourth session in a row on Wednesday.
In the meantime, Canada proposed tightening its regulations on foreign investments to give the government more authority to examine and possibly block overseas deals that pose a threat to national security.
