March 18 (Reuters) - Futures for Canada's main stock
index edged higher on Monday in a week packed with central bank
decisions, while investors will be keeping a close eye on the
domestic inflation data for more clues on the Bank of Canada's
interest-rate path.
March futures on the S&P/TSX index were up 0.2% at
6:44 a.m. ET (10:44 GMT).
The main event for the week will be the U.S. Federal
Reserve's interest rate decision, due on Wednesday, where the
central bank is widely expected to keep the borrowing costs at a
multi-decade high, with the money markets expecting the first
rate cut only in June.
But before that, markets await Canada's consumer prices data
on Tuesday, which will likely show an upswing in the domestic
inflation rate in February compared to the previous month.
Traders currently expect the BoC to cut rates by 63 basis
points in 2024.
Materials group, which houses Canada's precious and base
metal miners, will be in focus again as gold prices fell to a
more than a one-week low as investors positioned ahead of the
Fed's policy decision and a series of other central bank
meetings this week.
On the other hand, London copper eased while prices in
Shanghai hit a record high as fears of tight supply countered
demand outlook uncertainty.
Energy shares could see an impact of higher crude prices
that extended gains from last week of nearly 4% on the view that
supply was tightening, with the risks heightened by further
attacks on Russian energy infrastructure.
The Toronto Stock Exchange's S&P/TSX composite index
ended higher last week with the longest weekly winning
streak in 11 months.
U.S. futures also traded higher on Monday, with most megacap
and growth stocks trading in the green in the premarket trading.
COMMODITIES AT 6:44 a.m. ET
Gold futures: $2,160.8; flat
US crude: $81.78; +0.9%
Brent crude: $85.99; +0.8%
($1= C$1.3543)