TSX futures edge up as metal prices climb
(Reuters) — Futures for Canada's main stock index gained on Thursday, tracking higher prices of base and precious metals, while investors awaited domestic and U.S. economic data for any signs that could influence the central banks' interest rates policy.
March futures on the S&P/TSX index were up 0.4% at 7:01 a.m. ET (1201 GMT).
Gold prices edged up on a softer dollar, which could lead mining stocks to extend gains from the previous session. Lower inventories lent a boost to copper, although the Chinese Lunar New Year holiday kept prices range-bound. [MET/L] [GOL/]
Energy stocks are likely to take a hit from a fall in oil prices after the International Energy Agency flagged slowing demand growth alongside a jump in U.S. crude inventories. [O/R]
A monthly reading of house starts and manufacturing sales data in Canada is due at 8:15 a.m. ET and 8:30 a.m. ET, respectively.
In the United States, a weekly reading of jobless claims, and a January reading of retail sales and industrial production data is due before the opening bell.
The data could provide more details on the health of the economies and offer further clues on the interest rate path of the central banks.
Focus is also on corporate earnings from gold miner Agnico Eagle (NYSE:AEM) Mines and asset manager IGM Financial (OTC:IGIFF), among others.
The Toronto Stock Exchange's S&P/TSX composite index ended 1.5% higher on Wednesday, in its biggest advance since Dec. 13, boosted by technology and industrials.
The index had posted its biggest decline since September 2022 on Tuesday, after the U.S. inflation data. (TO)
Canada's largest insurer Manulife Financial (NYSE:MFC) beat analysts' estimate for quarterly core earnings on Wednesday.
Precious metals miners Dundee
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