Canada Stocks: TSX futures rise ahead of key U.S. inflation data

Valartis AG

13/12/2022 12:03

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      TSX Futures up 0.2% 
    

  
       Dec 13 (Reuters) - Futures for Canada's resources-heavy
main stock index climbed on Tuesday as commodity prices rose,
while investors kept a close watch on a key U.S. inflation
reading for clues on the path of future interest rate hikes by
the Federal Reserve.
    Futures on the S&P/TSX index  SXFc1  were up 0.2% at 6:48
a.m. ET, while their U.S. counterparts rose as well ahead of
inflation data.
    U.S. CPI data, which is due at 8:30 a.m. ET, comes just a
day ahead of the Fed's policy announcement, where the central
bank is largely expected to hike interest rates by 50 basis
points.
    Oil prices  LCOc1   CLc1  extended gains on supply
disruptions and as COVID restrictions eased in top crude
importer China, while the bullion  XAU=  traded in thin
territory.  O/R   GOL/ 
    The benchmark Canadian index snapped a six-day losing streak
in the previous session, propped up by gains in energy stocks.
    Meanwhile, the Bank of Canada is trying to raise rates
enough to tame inflation without forcing the economy into a deep
recession, its governor said on Monday, but the greater risk of
the two is sticky inflation, which would require "much higher"
rates.
    On the corporate side, TC Energy Corp  TRP.TO  said it had
cleaned up almost 2,600 barrels of oil from the largest U.S.
crude spill in nearly a decade, but the timetable to restart the
Keystone Pipeline following its rupture last week remained
unclear.
    Crypto miner Hut 8 Mining  HUT.TO  appointed a new chief
financial officer on Monday after markets closed.
($1 = 1.3619 Canadian dollars)
 (Reporting by Shashwat Chauhan in Bengaluru; Editing by Anil
D'Silva)
 ((Shashwat.Chauhan@thomsonreuters.com))