Futures for Canada’s main stock index fell on Wednesday as investors turned cautious ahead of the U.S. Federal Reserve’s policy meeting later in the day, amid expectations that a decline in metals prices would drag materials stocks lower.
S&P/TSX index futures for December fell 0.2% at 6:54 a.m. ET (10:54 GMT).
The Fed is widely expected to leave interest rates unchanged. Investors were primarily focused on Fed Chair Jerome Powell’s conference call at 2:30 p.m. ET (6:30 p.m. GMT), looking for clues on how long the central bank might keep interest rates high.
Investors will also be watching for Canada’s October manufacturing data, due out at 9:30 a.m. ET, while across the border, the U.S. ADP National Employment Report and the U.S. National Employment Survey will report the Institute for Supply Management’s findings on manufacturing activity last month will provide further insights into the strength of the country’s economy.
Commodity stocks are expected to be hit by falling gold prices, while the rising U.S. dollar and renewed concerns about China’s economic health have weighed on copper prices. [MET/L] [GOL/]
The Toronto Stock Exchange’s S&P/TSX Composite Index closed up 16.71 points, or 0.1%, at 18,873.47 on Tuesday. However, it lost 3.4% in the month of October, recording its third consecutive monthly decline. [.TO]
U.S. stock index futures fell on Wednesday as longer-term Treasury yields rose ahead of the Federal Reserve’s policy meeting. [.N]
COMMODITIES AT 6:54 AM ET
Gold futures: $1,991.2; -0.2% [GOL/]
US crude oil: $81.94; +1.1% [O/R]
Brent: $85.94; +1.1% [O/R]
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