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AE

TSX May Open Lower As Metals Fall Ahead of Fed Rate Decision

Canada's benchmark index looked set to open lower on Tuesday, as gold, silver, and copper prices fell, pressured by a firm dollar, amid the anticipation for the outcome of the Federal Open Market Committee meeting.

Stock futures for the December quarter on the S&P TSX index were down 0.02% recently.

Action Economics ( AE ) said the dollar edged higher after the warmer core PPI outcome. Also, the U.S. Federal Reserve ends its two-day policy meeting on Wednesday, and the bank is widely expected to raise interest rates for the third time.

Meanwhile, energy stocks may help cap losses as oil prices remain in the positive territory. AE said cracks discovered in the largest U.K. North Sea pipeline, the Forties, caused it to be closed, shutting in around 400,000 barrels per day of production. After the close, the API will release weekly inventory data, where forecasts are for a 4 million barrel U.S. crude oil draw.

The TSX gained 7 points on Monday, with gains in energy and materials offsetting losses in financials.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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