Futures for Canada’s main stock index rose slightly on Thursday, following a rebound in precious metals and crude oil prices, as investors awaited economic data that could provide clues about the health of the country’s economy.
Futures on the S&P/TSX index were up 0.2% at 6:59 a.m. ET (1059 GMT) ahead of an extended holiday weekend.
Investors will want to pay attention to January’s gross domestic product (GDP) data, due at 8:30 am ET. Economists polled by Reuters expect the economy to grow 0.4%, compared with unchanged levels in the previous month.
Meanwhile, gold prices ticked higher as investors digested comments from Federal Reserve Governor Christopher Waller, who struck a cautious tone on impending interest rate cuts ahead of Friday’s long-awaited personal consumption expenditures (PCE) data. expected.
The data could provide clues to the timing of the Fed’s first rate cut since the central bank paused rate hikes in 2023. The US and Canadian markets are closed on Friday for Good Friday.
Oil prices consolidated after two consecutive sessions of declines as investors saw the prospect of tighter supply, while the OPEC+ producer alliance was widely expected to maintain its current output cuts trajectory. [O/R]
In business news, the Canadian government said it has introduced stricter national security assessments for proposed foreign investments in sensitive sectors such as quantum science, robots and artificial intelligence so it can quickly spot potentially problematic deals.
In merger news, Australian gold mine operator Ramelius Resources said it had ended discussions with Karora Resources over a possible acquisition of the Canada-based mine operator.
The Toronto Stock Exchange’s S&P/TSX composite index closed higher at a record high on Wednesday, thanks to investors adding more shares of mining and financial companies to their portfolios toward the end of the quarter. [TO]
The Dow e-minis were down 7 points, or 0.02%, at 10:59 a.m. ET, while the S&P 500 e-minis were down 3.25 points, or 0.06%, and the Nasdaq 100 e-minis were down 16 points, or 0. were .09% lower. [.N]
commodities at 6:59 am ET
Gold futures: $2,221.4; +0.9% [GOL/]
US crude oil: $82.14; +1.0% [O/R]
Brent crude: $86.88; +0.9% [O/R]
UNITED STATES ECONOMIC FIGURES FOR THURSDAY
Final Q4 GDP estimate at 8:30 AM ET
Weekly jobless claims at 8:30 ET
Final estimate of consumer sentiment from the University of Michigan in March at 10:00 AM ET
FOR CANADIAN MARKET NEWS, CLICK ON CODES:
TSX market report [.TO]
Canadian dollar and bonds report [CAD/] [CA/]
Reuters global stock poll for Canada
Canadian market overview
($1= C$1.3596)
Tags: Futures rise higher gold crude oil prices dates coming March
