(Reuters) – Futures for Canada’s main stock index inched lower on Wednesday, ahead of slew of economic data due later in the day that could offer cues on the central bank’s rate hike plans, although stronger crude prices limited losses.
March futures on the S&P/TSX index were down 0.2% at 6:54 a.m. ET.
Domestic inflation data, wholesale sale data and manufacturing sales data is due at 08:30 a.m. ET
Investors await the domestic inflation data for hints on the pace of interest rate hikes by the Bank of Canada, as soaring oil prices and concerns around inflation along with geopolitical tensions have roiled markets in recent days.
The Toronto Stock Exchange’s S&P/TSX composite index ended 0.7% higher at 21,502.55 on Tuesday, helped by a rally in global equity markets on easing geopolitical tensions. [.TO]
Dow e-minis were down 32 points, or 0.09% at 6:54 a.m. ET, while S&P 500 e-minis were down 3.25 points, or 0.07% and Nasdaq 100 e-minis were down 2.25 points, or 0.02%. [.N]
TOP STORIES [TOP/CAN]
Miner Barrick Gold Corp, on Wednesday reported a 6% rise in fourth-quarter profit and announced a share repurchase of up to $1 billion.
ANALYST RESEARCH HIGHLIGHTS [RCH/CA]
Cargojet Inc: National Bank of Canada raises target price to C$203 from C$201
First Quantum Minerals Ltd: Jefferies raises target price to C$50 from C$45
Neighbourly Pharmacy Inc: RBC raises target price to C$39 from C$36
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1856.4; +0.07% [GOL/]
US crude: $93.41; +1.43% [O/R]
Brent crude: $94.67; +1.6% [O/R]
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0830 Import prices mm for Jan: Expected 1.3%; Prior -0.2%
0830 Export prices mm for Jan: Expected 1.3%; Prior -1.8%
0830 Import prices yy for Jan: Prior 10.4%
0830 Retail sales mm for Jan: Expected 2.0%; Prior -1.9%
0830 Retail sales ex-autos mm for Jan: Expected 0.8%; Prior -2.3%
0830 Retail ex gas/autos for Jan: Prior -2.5%
0830 Retail control for Jan: Expected 1.0%; Prior -3.1%
0830 Retail sales YoY for Jan: Prior 16.95%
0915 Industrial production mm for Jan: Expected 0.4%; Prior -0.1%
0915 Capacity utilization SA for Jan: Expected 76.8%; Prior 76.5%
0915 Manufacturing output mm for Jan: Expected 0.3%; Prior -0.3%
0915 Industrial production YoY for Jan: Prior 3.67%
1000 Business inventories mm for Dec: Expected 2.1%; Prior 1.3%
1000 Retail inventories ex-auto rev for Dec: Prior 3.6%
1000 NAHB Housing Market Index for Feb: Expected 83; Prior 83
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report [.TO]
Canadian dollar and bonds report [CAD/] [CA/]
Reuters global stocks poll for Canada
Canadian markets directory
($1= C$1.27)
(Reporting by Amal S in Bengaluru; Editing by Vinay Dwivedi)
