TSX futures muted as oil gains offset GDP caution
EWC•S&P/TSX futures were down 0.05% ahead of Canadian July GDP data, with economists expecting no growth versus 0.3% in June. Brent crude traded near $105.47 as energy stocks drew focus.
1. Muted futures open
Futures tracking Canada's main stock index pointed to a muted open on Tuesday as investors awaited July GDP data and watched energy stocks. December S&P/TSX futures were down 0.05% at 6:00 a.m. ET.
2. Oil and GDP in focus
Economists expect Canadian GDP to be flat in July, compared with 0.3% growth in June. Brent crude traded near $105.47 and was headed for monthly gains of around 17%, with persistent supply concerns.
3. Company and pipeline news
Canada's energy sector was also in focus after the regulator approved Trans Mountain's tolls settlement, allowing up to 90% of pipeline capacity to be contracted to shippers. Shell and its partners approved LNG Canada Phase 2, which will double the facility's production capacity to 28 million tons per annum. Cleveland-Cliffs plans to lay off hundreds of workers at its Ontario plant, citing the impact of US steel tariffs.
