Canada Stocks: Futures steady ahead of Fed rate decision

Gildan Activewear

20/03/2024 12:10

March 20 (Reuters) - Futures for Canada's main stock
index were little changed on Wednesday, as investors stayed away
from placing big bets ahead of the U.S. Federal Reserve's rate
decision due later in the day.
    March futures on the S&P/TSX index  SXFcv1  were up 0.1% at
7:47 a.m. ET (11:47 GMT).
    Investors will closely monitor the Fed's rate decision, due
at 2 p.m. ET, where the central bank is widely expected to hold
interest rates steady, but the focus will be on the commentary
to gauge the timing of the first rate cut and the quantum of
cuts in 2024.
    Among sectors, the materials group, which includes Canada's
precious and base metals miners, will be in focus after copper
prices retreated further from an 11-month peak on worries about
demand in top metals consumer China.  MET/L 
    Gold prices also drifted lower as the U.S. dollar firmed
ahead of the Fed rate decision.  GOL/ 
    Energy shares that gained in the previous session could take
a hit as oil prices edged lower after hitting multi-month highs
on Tuesday.
    In the U.S., stock index futures were range-bound before the
Fed decision.  .N  
    The Toronto Stock Exchange's S&P/TSX composite index
 .GSPTSE  ended higher on Tuesday, moving closer to a near
two-year high it notched last Wednesday at 21,970.11.
    In company news, Adentra  ADEN.TO  received a hike in price
target from CIBC, while Kelt Exploration  KEL.TO  got a rating
upgrade from TD Securities.
    The National Bank of Canada raised the price target on
Gildan Activewear  GIL.TO  after the Canadian clothing maker's
board decided to put the company up for sale and is in talks
with multiple bidders.
    
    
    COMMODITIES AT 7:47 a.m. ET
    Gold futures  GCc2 : $2,157.1; -0.1%  GOL/ 
    US crude  CLc1 : $82.61; -1.0%  O/R 
    Brent crude  LCOc1 : $86.73; -0.7%  O/R 
    
 
 ($1= C$1.3598)

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