29.04.202612:50:12UTC+00TSX Futures Muted Ahead of BoC Rate Decision

Futures tracking the S&P/TSX Composite Index were little changed on Wednesday as investors awaited interest rate decisions from both the Bank of Canada and the US Federal Reserve. The Bank of Canada is widely expected to leave its policy rate unchanged at 2.25% later today, taking a wait-and-see stance as it evaluates the economic fallout from the energy shock linked to the Iran war.

The recent rise in oil prices has heightened concerns about renewed global inflationary pressures and potential drag on broader economic activity, dynamics already reflected in the sharp pickup in March inflation. Global crude benchmarks extended their rally on Wednesday, reinforcing those worries and weighing on banking shares and the broader index.

At the same time, the oil price surge has buoyed energy stocks in recent sessions. In contrast, gold prices have edged lower, putting pressure on mining shares.

Separately, major US technology companies including Microsoft, Alphabet, Meta, and Amazon are scheduled to report quarterly results after the closing bell on Wall Street. Their earnings could set the tone for North American tech sentiment and are likely to influence Canadian technology stocks.