(Reuters) – Futures tied to Canada’s resource-heavy main stock index were marginally lower on Wednesday as prices of most base metals fell ahead of the decision from the U.S. Federal Reserve’s last policy meeting of 2023 due later in the day.
December futures on the S&P/TSX index were down 0.1% at 7:04 a.m. ET (1204 GMT), while their U.S. counterparts edged higher. [.N]
The Fed takes center stage as it is due to announce its monetary policy decision at 2:00 p.m. ET, where the central bank is widely expected to leave interest rates unchanged.
Investors would also parse through commentary from Fed Chair Jerome Powell during his press conference scheduled 30 minutes after the decision is made public.
On the commodities front, copper prices slipped on a firmer U.S. dollar, while gold and crude oil prices edged higher. [MET/L] [GOL/] [O/R]
The Toronto Stock Exchange’s S&P/TSX composite index ended lower in the previous session, as a drop in oil prices weighed on energy shares.
The benchmark Canadian index has fallen more than 3% from its highest level of the year hit in February, taking its year-to-date gain to about 4%.
U.S. producer price index (PPI) data for November, due at 8:30 a.m. ET, is likely to further set the tone for trading.
Among individual stocks, packaging company Transcontinental reported a rise in fourth-quarter adjusted profit per share and VersaBank posted higher quarterly results.
Discount store operator Dollarama raised its annual sales forecast.
COMMODITIES AT 7:04 a.m. ET
Gold futures: $1,988.5; +0.2% [GOL/]
US crude: $68.86; +0.4% [O/R]
Brent crude: $73.45; +0.3% [O/R]
($1= C$1.3584)
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Shweta Agarwal)
