CANADA STOCKS-TSX futures fall on Fed independence fears; big-bank earnings underway

Aug 26 (Reuters) - Futures tracking Canada's main stock index fell on Tuesday as investors assessed earnings releases from top domestic banks, while concerns over the U.S. Federal Reserve's independence sparked risk aversion.

Futures on the S&P/TSX index .SXFcv1 dropped 0.28% by 06:05 a.m. ET (1005 GMT), pointing to a weaker start to the day after the index .GSPTSE ended 0.58% lower in the prior session.

Bank of Montreal BMO.TO reported a rise in third-quarter profit, helped by higher income from interest and as it set aside less in provisions for potential loan losses.

Bank of Nova Scotia BNS.TO also posted a rise in quarterly profit on the back of higher interest earnings.

The earnings are reflective of seemingly easing trade tensions, with banks having realised that the implications of U.S. tariffs on loan portfolios would be less than feared.

Prime Minister Mark Carney last week announced plans to remove some retaliatory import tariffs on U.S. goods and intensify talks with President Donald Trump on striking a new trade deal.

Meanwhile, global risk sentiment worsened after Trump announced he was dismissing Fed Governor Lisa Cook over alleged improprieties in obtaining mortgage loans, marking another move to jeopardise the central bank's independence.

The move also undermines confidence in U.S. assets - including the dollar, which edged lower - allowing safe-haven gold to rise against the greenback. GOL/

Wall Street futures were trading lower as well on Tuesday. .N

A drop in crude prices, which pulled back after surging nearly 2% in the previous session, added to the pressure on Canadian futures. O/R

On a data-light day, focus will be on U.S. consumer confidence numbers for August at 10:00 a.m. ET.

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($1 = 1.3817 Canadian dollars)