TSX futures rise ahead of domestic economic data; stocks eye weekly gain

  • Reuters
  • Stock Market News
TSX futures rise ahead of domestic economic data; stocks eye weekly gain
Credit: © Reuters.

(Reuters) - Futures for Canada's main stock index advanced on Friday, with stocks continuing to rise after notching record highs in the previous session, while investors await for more economic data to gauge the health of the Canadian economy.

March futures on the S&P/TSX index were up 0.3% at 6:27 a.m. ET (10:27 GMT).

The benchmark index logged record highs on Thursday, helped by gains from heavily weighted financial shares, as investors cheered recent signs that inflation is cooling and the economy is avoiding a recession.

Materials stocks, which include Canada's base and precious metal miners, continue to be in focus after prices of most nonferrous metals fell and were on track for a weekly decline, as a stronger dollar made greenback-priced metals more expensive to holders of other currencies.

Gold prices also slipped due to a stronger dollar, but were set for a weekly gain as the U.S Federal Reserve's decision to retain its interest rate-cut projection for 2024 bolstered bullion's appeal. [GOL/]

In economic data, retail sales for January at 0830 ET will be on investors' radar.

Across the border, Wall Street futures also ticked higher as investors cheered the Fed sticking to its rate-easing stance.

Investors will be closely monitoring commentary from Fed Chair Jerome Powell at 0900 ET, and from other Fed policymakers through the day for further cues on the central bank's monetary policy trajectory.

In domestic company news, activist hedge fund Starboard Value said on Thursday it had nominated three candidates to join the board of Canadian utility Algonquin Power & Utilities Corp.

Meanwhile, BMO Global Asset Management said on Friday it had partnered with U.S. private equity firm Carlyle Group (NASDAQ: CG ) to broaden access to private markets for Canadian investors.

COMMODITIES AT 6:27 a.m. ET

Gold futures : $2,167.7; -0.8% [GOL/]

US crude: $81.08; flat [O/R]

© Reuters. 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/File Photo

Brent crude : $85.76; flat [O/R]

($1= C$1.3577)

 

 

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