(Reuters] – Futures for Canada’s major commodity-heavy index declined on Tuesday amid concerns that central banks would tighten inflation aggressively. But, a rally of crude prices limited the drop.

June futures on the S&P/TSX index were down 0.5% at 07:25 a.m. ET, signaling the Toronto Stock Exchange’s S&P/TSX composite index could break a seven-day winning streak, its longest since October last year. ()

The euro area has seen record high inflation. However, the European Central Bank governor bets that the bank will take more aggressive actions. In the United States however, the Federal Reserve Governor on Monday stated that the central bank would be ready to increase rates by half a percentage point every meeting until the inflation crisis is over.

After the European Union banned all Russian oil imports due to its invasion of Ukraine, fueling speculations about sustained high inflation rose to $123 per barrel [O/R]

Canada’s major stock index was 0.8% higher at 20,919.40 on Monday. After falling 5.2% last April, the index was 0.8% higher for May. This is its largest monthly drop since March 2020.

At 07:25 AM, they were down by 144 points or 0.433%. ET were down 18.5 point, or 0.45%. They were also down 6 point, or 0.05%. [.N]

TOP STORIES [TOP/CAN]

Cenovus Energy Inc (NYSE:) Inc has announced that it and its associates have committed to restarting the West White Rose offshore Newfoundland & Labrador oilfield, Canada, in 2023.

Ontario is Canada’s economic powerhouse and will continue to promise to spend more. However, Ontario’s higher debt burden could make it less attractive to investors in an environment in which interest rates rise and the housing market has begun to slow.

COMMODITIES AT 7.25 a.m. ET

: $1,847.1; -0.37% [GOL/]

US crude oil: $118.43, +2.89% [O/R]

Brent crude oil: $123.78, +1.73% [O/R]

U.S. ECONOMIC DATA DUE TUESDAY

10:00 PM Consumer confidence in May: 103.9 expected; 107.3 prior

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($1= C$1.2672)