(Reuters) – Futures for Canada’s main stock index inched higher on Wednesday ahead of the crucial interest rate decision by the Bank of Canada, while oil continued its slide on an expected supply boost later in the year.
June futures on the S&P/TSX index were up/down 0.1% at 6:22 a.m. ET (10:22 GMT).
Commodity-linked stocks, particularly from the energy sector, have dragged the Toronto markets down this week on sliding oil prices, but utilities shares have limited declines in the hope of interest rate cuts this year.
All eyes will be on the Canadian central bank at 0815 ET, where it is widely expected to trim interest rates to 4.75%, for the first time in more than four years. A Reuters poll showed three further cuts this year.
Money markets are betting on an almost 83% chance of a rate cut later in the day.
The loonie was lower against the U.S. dollar and…
