March 28 (Reuters) - Futures for Canada's main stock
index inched up on Thursday, tracking an uptick in the prices of
precious metals and crude oil, while investors awaited economic
data that could offer clues to 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 a holiday extended weekend.
Investors will be watching out for gross domestic product
(GDP) data for January, due at 8:30 a.m. ET. Economists polled
by Reuters expect the economy to grow by 0.4%, up from an
unchanged level in the month before.
Meanwhile, gold prices ticked up as investors digested
comments from Federal Reserve Governor Christopher Waller, who
struck a cautious tone on imminent interest rate cuts ahead of
the much-awaited personal consumption expenditure (PCE) data,
expected on Friday.
The data could offer clues on the timing of the Fed's
first interest rate cut since the central bank paused interest
rate hikes in 2023. U.S. and Canadian markets will be closed on
Friday on account of Good Friday.
Oil prices firmed, following two consecutive sessions of
decline, as investors saw a tighter supply outlook ahead, while
the OPEC+ producer alliance was widely expected to stay the
course on its current production cuts.
In corporate news, the Canadian government said it has
introduced tougher national security reviews of proposed foreign
investments in sensitive sectors such as quantum science,
robots, and artificial intelligence to enable it to quickly spot
potentially problematic deals.
On the mergers news front, Australian gold miner Ramelius
Resources ( RMLRF ) said it had ended discussions with Karora
Resources ( KRRGF ) for a potential acquisition of the
Canada-based mine operator.
The Toronto Stock Exchange's S&P/TSX composite index
closed higher at an all-time high on Wednesday,
benefiting from investors adding more shares in mining and
financial companies to their portfolios near the end of the
quarter.
Dow e-minis were down 7 points, or 0.02% at 10:59
a.m. ET, while S&P 500 e-minis were down 3.25 points, or
0.06% and Nasdaq 100 e-minis were down 16 points, or
0.09%.
COMMODITIES AT 6:59 a.m. ET
Gold futures: $2,221.4; +0.9%
US crude: $82.14; +1.0%
Brent crude: $86.88; +0.9%
U.S. ECONOMIC DATA DUE ON THURSDAY
Q4 GDP final estimate due at 8:30 a.m. ET
Weekly jobless claims due at 8:30 a.m. ET
March University of Michigan consumer sentiment final
estimate due at 10 a.m. ET
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report
Canadian dollar and bonds report
Reuters global stocks poll for Canada
Canadian markets directory
($1= C$1.3596)