© Reuters. FILE PHOTO: The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. REUTERS/Chris Helgren

(Reuters) – Futures for Canada’s main commodity-heavy stock index fell on Tuesday as prospects of aggressive tightening by central banks to tame inflation stoked concerns of a global economic slowdown, while a rally in crude prices limited the fall.

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. ()

Record high inflation in the euro zone spurred bets of more aggressive action by the European Central Bank, while in the United States, a Federal Reserve governor on Monday said the U.S. central bank should be prepared to raise rates by a half percentage point at every meeting from now on until inflation is decisively curbed.

Fueling bets for sustained high inflation, rose to around $123 a barrel after the European Union decided to ban most Russian oil imports over its invasion of Ukraine. [O/R]

On Monday, Canada’s main stock index ended 0.8% higher at 20,919.40. It was up 0.8% for the month after falling 5.2% in April, its biggest monthly decline since March 2020.

were down 144 points, or 0.43%, at 07:25 a.m. ET, while were down 18.5 points, or 0.45%, and were down 6 points, or 0.05%. [.N]

TOP STORIES [TOP/CAN]

Cenovus Energy (NYSE:) Inc and its partners have agreed to restart the West White Rose oilfield project offshore Newfoundland and Labrador, Canada in 2023, the oil and gas producer said on Tuesday.

As Ontario, Canada’s economic engine, looks set to keep in office leaders promising to increase spending, its higher debt load compared to other provinces could reduce the appeal of its bonds in an environment where interest rates are rising and its housing market is starting to cool.

COMMODITIES AT 07:25 a.m. ET

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

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

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

U.S. ECONOMIC DATA DUE ON TUESDAY

10:00 May Consumer confidence: Expected 103.9; Prior 107.3

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report ()

Canadian dollar and bonds report [CAD/] [CA/]

Reuters global stocks poll for Canada

Canadian markets directory

($1= C$1.2672)

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