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CANADA STOCKS-Futures inch up on higher gold, crude prices; data on tap
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CANADA STOCKS-Futures inch up on higher gold, crude prices; data on tap
Mar 28, 2024 4:37 AM

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)

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