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TSX May Start Lower, Dragged Down by Oil Prices

Canada's benchmark index looked set to open lower on Wednesday, hit by falling oil prices , while investors watch out for Bank of Canada's rate decision.

Stock futures for the September quarter on the S&P TSX index were down 0.01% recently.

Action Economics said relief that the disruption from a tropical storm in the Gulf of Mexico won't be as much as feared has seen long positions unwind, driving an ebb back in oil prices. The market is expecting a 1.9 million barrel drop in US crude stockpiles in the latest reporting week.

Meanwhile, AE said markets are widely expecting Bank of Canada to keep rates unchanged. Canada reported a narrower trade deficit of $0.1 billion in July from a revised $0.7 billion shortfall in June, with exports growing 0.8% while imports slip 0.4%.

The TSX lost 101 points on Tuesday, with materials and energy leading the decline.

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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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