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. 1.2% the S&P added nearly nine-tenths of a percent, and the Nasdaq gained half a percent.
On the mergers news front, Australian gold miner Ramelius Resources (RMS.AX), opens new tab said it had ended discussions with Karora Resources (KRR.TO), opens new tab for a potential acquisition of the Canada-based mine operator. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE), opens new tab 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
