FX.co ★ TSX Futures Trade Without Clear Direction

On Thursday, futures linked to Canada's S&P/TSX Composite Index exhibited minor fluctuations as investors braced for significant earnings reports and analyzed the hawkish messages from the Bank of Canada (BoC) and the Federal Reserve (Fed) following their policy decisions the previous day. The BoC reduced its interest rate by 25 basis points but indicated the conclusion of its easing cycle, contingent on future projections. Similarly, the Fed also lowered rates by 25 basis points but minimized the likelihood of another reduction in December. Meanwhile, rising gold prices benefited major Canadian mining companies. Agnico Eagle, for instance, experienced gains after reporting a third-quarter earnings per share (EPS) of $2.16, surpassing expectations by $0.21, and generating revenues of $3.06 billion compared to the anticipated $2.95 billion. Today, other prominent companies such as Canadian Natural, Fairfax Financial, Restaurant Brands, Athabasca Oil, Eldorado Gold, Capstone Copper, and NexGen Energy are scheduled to announce their earnings. Additionally, market sentiment received a boost due to the expectation of increased trade flows with the United States. This optimism was fueled by the positive remarks made by U.S. President Trump following his meeting with Prime Minister Carney, alleviating concerns over stalled progress earlier in the week.