CANADA STOCKS-Futures signal tepid TSX open ahead of BoC meeting
Jan 22 (Reuters) -
Futures for Canada's main stock index remained subdued on Monday, with the support from a rise in oil prices offset by a decline in metal prices, as investors grew cautious ahead of the Bank of Canada's monetary policy meeting later in the week.
March futures on the S&P/TSX index were up 0.1% at 7:30 a.m. ET (1230 GMT).
Futures on Wall Street edged upwards after the S&P 500 posted a record-high close on Friday, driven by a rally in chipmakers and other technology stocks.
Energy stocks could see a rise, helped by an uptick in crude prices as traders assessed the impact of mounting geopolitical tensions in the Middle East and Ukraine on oil supply.
Materials shares are expected to slip over lower prices of copper and gold as hopes of a March interest rate cut by the Federal Reserve faded, and poor demand prospects weighed.
Investors look forward to the much-awaited Bank of Canada monetary policy meeting, due Wednesday, for the central bank's direction on interest rate cuts.
The BoC is expected to leave its key overnight rate unchanged this time, but stubborn inflation has delayed the timeline for the first rate cut in almost four years.
Money market participants are now pricing in just over 22% chances of a cut in borrowing costs in March, while a majority of over 56% are expecting a cut in April.
The Toronto Stock Exchange's S&P/TSX composite index ended up 149.79 points, or 0.7%, at 20,906.52 on Friday, despite logging a weekly decline.
In corporate news, Canadian apparel maker Gildan Activewear on Sunday said it had learned activist fund Browning West, LP's purchase of the company's shares last month violated the U.S. anti-trust laws.
COMMODITIES AT 7:30 a.m. ET
Gold futures: $2,029.1; flat
US crude: $73.74; +0.5%
Brent crude: $78.66; +0.1%
(Reporting by Purvi Agarwal in Bengaluru; Editing by Ravi Prakash Kumar)
