(Reuters) - Futures for Canada's resource-heavy main stock index tracked losses in crude and metal prices on Thursday, ahead of a key interest rate decision by the European Central Bank, as policy tightening globally fans recession fears.
September futures on the S&P/TSX index were down 0.2% at 7:00 a.m. ET, setting the benchmark on course to snap its four-day winning streak.
Oil and metal prices fell as a slowdown worries fueled by central banks' hawkishness weighed on commodities, raising concerns around demand. [O/R] [MET/L] [GOL/]
Energy and material stocks account for about 30% of TSX's market capitalization.
Recession worries have walloped equity markets globally, as central banks take aggressive measures to tamp down inflation.
The Bank of Canada raised interest rates by 100 basis points last week in a surprise move, while data on Wednesday showed inflation accelerated again in June but not as sharply as expected.
The Toronto Stock Exchange's S&P/TSX composite index ended 0.44% higher at 19,020.67 on Wednesday as U.S. earnings boosted global risk sentiment. [.TO]
In the U.S., Dow e-minis were down 80 points, or 0.25% at 7:00 a.m. ET, while S&P 500 e-minis were down 5.75 points, or 0.15% and Nasdaq 100 e-minis were up 4.75 points, or 0.04%. [.N]
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1,681.9; -1.1%[GOL/]
US crude: $95.07; -4.8%[O/R]
Brent crude: $102.02; -4.6% [O/R]
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TSX market report [.TO]
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Reuters global stocks poll for Canada
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(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Vinay Dwivedi)