(Reuters) - Futures for Canada's main stock index slipped on Tuesday, weighed down by weak commodity prices, after soft services sector data from China ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOS - Futures for Canada's main stock index slipped on Tuesday, weighed down by weak commodity prices, after soft services sector data from China dented global sentiment, while investors braced for the Bank of Canada's interest rate decision slated later this week.
Crude prices declined on the sour sentiment after China data came out, although expectations of an extension in supply cuts by leading OPEC+ producers limited losses. [O/R]Canada's economy unexpectedly contracted in the second quarter at an annualized rate of 0.2%, and growth was most likely flat in July, data on Friday showed, which will probably allow the Bank of Canada to hold rates ahead of a possible recession.
Most economists in a Reuters poll expect the BoC to hold its key interest rate steady at 5.00% on Sept. 6 and keep it at that level through at least the end of March 2024. Australia's central bank on Tuesday kept interest rates steady for a third month, encouraging speculation that the tightening cycle was over as policymakers indicated they have a firmer grip on prices.
Toronto Stock Exchange's S&P/TSX composite index ended over 1% higher on Friday. The benchmark index was closed on Monday due to the Labor Day holiday.Brent crude: $88.33; -0.8% [O/R]
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