Salem Radio Network News Friday, March 24, 2023

Business

TSX futures track declines in U.S. peers; economic data in focus

(Reuters) – Futures tracking Canada’s main stock index fell over 1% on Wednesday as their U.S. peers declined, with investors focusing on a flurry of U.S. economic data to gauge where the Federal Reserve stands on monetary policy tightening.

Futures on the S&P/TSX index were down 1.7% at 6:41 a.m. ET (1041 GMT).

Across the border, investors would eye February producer prices data, along with retail sales data to gauge where the Fed stands on rate hikes heading into its policy decision meeting next week. [.N]

The benchmark Canadian index closed higher on Tuesday after three straight session of losses as the collapse of Silicon Valley Bank (SVB) and Signature Bank continued to rattle financial markets.

An in-line reading of U.S. inflation data on Tuesday also spurred risk-on sentiment ahead of the Fed’s decision.

Commodity prices, which tend to influence the resources-heavy TSX, were mixed.

Oil prices were flat after an initial rally earlier in the day, while gold prices edged higher. [O/R] [GOL/]

On the research front, Scotiabank raised Canadian Pacific Railway Ltd’s rating to “sector outperform” from “sector perform”.

Investors would also lookout for fourth-quarter earnings from Jaguar Mining and Nexus Industrial REIT before markets open.

In domestic data points, Canadian housing starts data for the month of February will be released at 8:15 am ET.

(Reporting by Shashwat Chauhan in Bengaluru; editing by Uttaresh Venkateshwaran)

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