(Reuters) - Futures for Canada's main stock index were muted on Tuesday as declines in gold offset a rebound in oil prices, while investors remained cautious ahead of the U.S. Federal Reserve interest rate decision and key domestic economic data later in the week.
June futures on the S&P/TSX index were flat at 6:36 a.m. ET (10:36 GMT).
Spot gold prices fell nearly 1% on a firmer dollar, while copper prices in London dipped amid slower growth of Chinese manufacturing activity. [GOL/] [MET/L]
Oil prices steadied on Tuesday as Israel-Hamas talks offered hopes of a ceasefire even as Red Sea attacks continued. [O/R]
Across the border, the U.S. Federal Reserve will announce its decision on interest rates on Wednesday after its two-day meeting that commences later in the day.
A monthly reading of gross domestic product (GDP) data is due in Canada at 8:30 a.m. ET, which will provide more insight into the state of the economy, and have investors adjust their bets for a rate cut by the central bank in the early half of the year.
Economic data has been in the limelight for investors since Bank of Canada's Governor Tiff Macklem hinted at the possibility of a June cut if Canadian inflation kept easing.
The Toronto Stock Exchange's S&P/TSX composite index ended 0.2% higher on Monday, at 22,011.62, closing above the 22,000 threshold for the first time since Tuesday, on strength in commodity-linked shares. [.TO]
In corporate news, Scotiabank on Monday appointed banking veteran Travis Machen as the CEO and group head of its global banking and markets unit, starting May 6.
Gold miners like OceanaGold and New Gold among other companies are set to report their quarterly numbers on Tuesday.
COMMODITIES AT 6:36 a.m. ET
Gold futures: $2,328.3; -1.3% [GOL/]
US crude: $82.75; +0.2% [O/R]
Brent crude: $88.53; +0.2% [O/R]
(Reporting by Purvi Agarwal in Bengaluru; Editing by Vijay Kishore)
