TSX futures flat ahead of domestic GDP data, U.S. inflation data
2023.03.31 08:16
© 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 tracking Canada’s main stock index were muted on Friday as investors remained cautious ahead of domestic economic growth data and key U.S. inflation numbers.
Contracts tied to gold prices were also little changed and precious and base metal prices remained subdued as markets awaited U.S. personal consumption expenditures (PCE) data, due at 8:30 a.m. ET.
The PCE data will offer clues on the outlook for interest rate hikes and the strength of the U.S. dollar. [GOL/] [MET/L]
Oil prices were stable, but on course for their weakest performance since November. [O/R]
Canadian gross Domestic Product data (GDP), due at 8:30 a.m. ET, is expected to reflect a 0.3% rise in January, according to a Reuters poll of economists, compared with a 0.1% fall in the previous month.
March futures on the S&P/TSX index were up 0.08% at 7:04 a.m. ET.
In company news, Rogers (NYSE:) Communications Inc’s C$20 billion ($15 billion) bid for Shaw Communications (NYSE:) Inc is expected to gain government approval after the telecom firm agreed to sell Freedom Mobile to Quebecor for C$2.85 billion, as per a report.
Enbridge (NYSE:) Inc and Norway’s Yara International (OTC:) ASA said they are planning to invest up to $2.9 billion to build a low-carbon blue ammonia production plant in Texas.
First Quantum Minerals (OTC:) Ltd and Rio Tinto (NYSE:) Ltd will form a joint venture to develop the La Granja project in Peru, with the Canadian miner buying a 55% stake in the project.
In the previous session, the Toronto Stock Exchange’s S&P/TSX composite index ended 0.5% higher, underpinned by gains in commodity-linked stocks. ()
were up 71 points, or 0.21%, at 7:04 a.m. ET, while were up 7 points, or 0.17%, and were down 4.25 points, or 0.03%. [.N]
COMMODITIES AT 7:00 a.m. ET
: $1,986.8; -0.09% [GOL/]
US crude: $74.86; +0.64% [O/R]
: $79.4; +0.3% [O/R]
U.S. ECONOMIC DATA DUE ON FRIDAY
Feb Personal Consumption Expenditure data due at 8:30 am ET
March University of Michigan Consumer Sentiment due at 10:00 am ET
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 = 1.3538 Canadian dollars)
