Reuters) – Canada’s main stock index was set to extend gains on Tuesday, tracking higher crude-oil prices, ahead of inflation data.
The consumer price index is expected to have eased to 5.4% from a year earlier in February, from a 5.9% rise in the previous month, according to a Reuters poll. The data is due at 8:30 a.m. ET.
The consumer price index is expected to have eased to 5.4% in February from a 5.9% rise in the previous month, according to a Reuters poll. The data is due at 8:30 a.m. ET.
Money-market participants are expecting the Bank of Canada to continue to hold the benchmark rate at 4.5% at its next rate-setting meet in April.
The U.S. Federal Reserve is largely expected to hike rates by 25 basis points on Wednesday, following the end of its two-day meeting, while some top central bank watchers say it could even pause further rate hikes, given the current banking crisis.
March futures on the S&P/TSX index were up 0.5% at 6:47 a.m. ET.
Contracts tied to oil prices were in gains after the Credit Suisse rescue over the weekend eased global crude demand worries among investors. [O/R]
In company news, Canada’s Ritchie Bros (NYSE:RBA) Auctioneers Inc said it had completed the acquisition of U.S. auto retailer IAA (NYSE:IAA) Inc, weeks after two proxy advisory firms urged shareholders to reject the $7 billion deal.
U.S.-based buyout fund KKR & Co (NYSE:KKR) Inc has agreed to sell a 50% stake in Spanish renewable energy company X-Elio Energy to asset manager Brookfield, the two funds said.
In the previous session, the Toronto Stock Exchange’s S&P/TSX composite index ended 0.6% higher aided by gains in energy and financial stocks. (TO)
COMMODITIES AT 6:47 a.m. ET
Gold futures: $1,970.1; -0.6% [GOL/]
US crude: $68.61; +1.43% [O/R]
Brent crude: $74.7; +1.25% [O/R]
U.S. ECONOMIC DATA DUE ON TUESDAY
Feb Existing Home Sales due at 10:00 a.m. ET
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($1 = 1.3668 Canadian dollars)