TSX futures track dour mood on Wall Street ahead of U.S. inflation data

(Reuters) – Futures for Canada’s main stock index fell on Friday, in line with downbeat risk sentiment on Wall Street, as investors remained cautious ahead of U.S. inflation data that could offer clues on the Federal Reserve’s rate-hike trajectory.

FILE PHOTO: The facade of the original Toronto Stock Exchange building is seen in Toronto

© Thomson Reuters
FILE PHOTO: The facade of the original Toronto Stock Exchange building is seen in Toronto

March futures on the S&P/TSX index were down 0.4% at 7:16 a.m. ET.


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The Toronto Stock Exchange’s S&P/TSX composite index ended lower in the previous session.

The index was poised for its biggest weekly loss this year and a third weekly drop, as a stock market rally at the start of the year loses momentum with signs of economic resilience in major global economies driving up speculation of more interest rate hikes.

Wall Street futures were also down on Friday as investors awaited the personal consumption expenditures (PCE) report for January due at 8:30 a.m. ET, which could shed further clarity on the state of price pressures in the world’s largest economy.

Also weighing on futures for the resource-heavy TSX was a decline in gold prices as prospects of more interest rate hikes by the Fed dimmed bullion’s appeal.

Canadian Imperial Bank of Commerce reported a fall in its first-quarter profit, weighed down by higher provisions to settle a lawsuit tied to the 2008 global financial crisis.

Osisko Gold Royalties Ltd reported a profit beat in its fourth quarter, while the precious metal royalty company missed revenue estimate.

Oil and gas E&P company Enerplus Corporation missed profit estimate for the fourth quarter, but earnings increased year-on-year.


Gold futures: $1,818.5; -1.0%

US crude: $75.84; +0.60%

Brent crude: $82.75; +0.66%

(Reporting by Shristi Achar A in Bengaluru; Editing by Sherry Jacob-Phillips)