(Reuters) – Futures for Canada’s resource-heavy main stock index edged up in choppy trading on Thursday as crude prices rose, while investors awaited key U.S. data to gauge the outlook for interest rates.
Futures on the S&P/TSX index were up 0.1% at 7:15 a.m. ET in a volatile session so far.
The Toronto Stock Exchange’s S&P/TSX composite index closed at its highest level since Oct. 4. on Wednesday, after the Bank of Canada announced a smaller-than-expected interest rate hike and said it was getting closer to the end of its historic tightening campaign. [.TO]
Meanwhile, prices of gold, silver and other precious metals dipped on Thursday as the dollar gained strength. However, crude oil, one of Canada’s major exports, steadied as China demand concerns balanced optimism from record U.S. crude exports. [GOl/] [O/R]
Investors await U.S. gross domestic product data for clues on how far the Federal Reserve could raise interest rates to curb high inflation. The European Central Bank is also due to announce its interest rate decision later in the day, where it is seen hiking rates by 75 basis points.
Among individual stocks, Canadian miner Teck Resources Ltd said it has agreed to sell its 21.3% stake in the Fort Hills oil sands project to Suncor Energy Inc for about C$1 billion ($737.19 million) in cash.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Vinay Dwivedi)
