Canada Stocks: TSX futures rise ahead of domestic economic data; stocks eye weekly gain

Algonquin Power & Utilities

22/03/2024 10:50

March 22 (Reuters) - Futures for Canada's main stock
index advanced on Friday, with stocks continuing to rise after
notching record highs in the previous session, while investors
await for more economic data to gauge the health of the Canadian
economy.
    March futures on the S&P/TSX index  SXFcv1  were up 0.3% at
6:27 a.m. ET (10:27 GMT).
    The benchmark index logged record highs on Thursday, helped
by gains from heavily weighted financial shares, as investors
cheered recent signs that inflation is cooling and the economy
is avoiding a recession.
    Materials stocks, which include Canada's base and precious
metal miners, continue to be in focus after prices of most
nonferrous metals fell and were on track for a weekly decline,
as a stronger dollar made greenback-priced metals more expensive
to holders of other currencies.
    Gold prices also slipped due to a stronger dollar, but were
set for a weekly gain as the U.S Federal Reserve's decision to
retain its interest rate-cut projection for 2024 bolstered
bullion's appeal.  GOL/ 
    In economic data, retail sales for January at 0830 ET will
be on investors' radar.
    Across the border, Wall Street futures also ticked higher as
investors cheered the Fed sticking to its rate-easing stance.
    Investors will be closely monitoring commentary from Fed
Chair Jerome Powell at 0900 ET, and from other Fed policymakers
through the day for further cues on the central bank's monetary
policy trajectory.
    In domestic company news, activist hedge fund Starboard
Value said on Thursday it had nominated three candidates to join
the board of Canadian utility Algonquin Power & Utilities Corp
 AQN.TO .
    Meanwhile, BMO Global Asset Management said on Friday it had
partnered with U.S. private equity firm Carlyle Group  CG.O  to
broaden access to private markets for Canadian investors.


    COMMODITIES AT 6:27 a.m. ET
    Gold futures  GCc2 : $2,167.7; -0.8%  GOL/ 
    US crude  CLc1 : $81.08; flat  O/R 
    Brent crude  LCOc1 : $85.76; flat  O/R 

 
 ($1= C$1.3577)

 (Reporting by Shubham Batra in Bengaluru; Editing by Vijay
Kishore)
 ((Shubham.Batra@thomsonreuters.com;))