(Reuters) – Canada’s main stock index futures rose slightly on Monday in a week packed with decisions from the Bank of Canada, but investors looked to domestic inflation data for further clues about the Bank of Canada’s interest rate path. It will be worth paying attention to.
March futures for the S&P/TSX index were up 0.2% as of 6:44 a.m. ET (10:44 p.m. Japan time).
The main event this week is the US Federal Reserve’s interest rate decision scheduled for Wednesday. The decision is widely expected to see the central bank keep borrowing costs at multi-decade highs, with money markets expecting the first interest rate cuts to occur before the end of the year. June.
But before that, the market awaits Tuesday’s release of Canadian consumer price statistics, which are likely to show domestic inflation trending upward in February compared to the previous month. .
Traders now expect the central bank to cut interest rates by 63 basis points in 2024. [0#BOCWATCH]
Investors weighed in on Canadian precious and base metals miners’ Materials Group as gold prices fell to their lowest in more than a week ahead of this week’s Fed policy decision and a series of other central bank meetings. It will attract attention again. [GOL/]
Meanwhile, London copper prices fell and Shanghai copper prices hit record highs due to concerns about tight supply and uncertainty about the demand outlook. [MET/L]
Energy stocks could be affected by higher oil prices, rising nearly 4% since last week, on the view that supplies are tight amid heightened risks from further attacks on Russia’s energy infrastructure. [O/R]
The Toronto Stock Exchange’s S&P/TSX Composite Index ended last week higher, snapping its weekly winning streak for the first time in 11 months.
U.S. futures also rose on Monday, with most mega-cap and growth stocks gaining in pre-market trading.
Commodities 6:44am ET
Gold futures: $2,160.8.flat [GOL/]
US crude oil: $81.78. +0.9% [O/R]
Brent Crude Oil: $85.99. +0.8% [O/R]
($1 = CAD 1.3543)
(Reporting by Shubham Batra in Bengaluru; Editing by Tasim Zahid)
