Canadian Stock Market Futures Dip Amid Precarious Global Outlook

Canada's stock market futures took a hit on Tuesday as investors grew cautious ahead of key U.S. inflation data set to be released later in the week.

The S&P/TSX index September futures dropped by 0.33% at 06:05 a.m. ET, weighed down by declining precious metal prices.

Spot gold prices fell by 0.2%, continuing its downward trend due to rising expectations of a Federal Reserve interest rate hike this month, which makes non-yielding assets less appealing.

However, oil prices surged as Brent crude and West Texas Intermediate crude futures reached multi-week highs following recent attacks on energy facilities in Saudi Arabia by Yemen's Houthi rebels.