TSX futures subdued ahead of U.S. Fed decision
Dec 15 (Reuters) - Canada's main stock index futures were muted on Wednesday, as crude prices fell, ahead of the U.S. Federal Reserve's policy outcome that is likely to signal a quicker end to the central bank's stimulus measures.
December futures on the S&P/TSX index were flat at 7:00 a.m. ET.
Oil prices fell for a third day straight on growing expectations that supply growth will outpace demand growth next year.
The Federal Reserve is expected on Wednesday to announce that it is speeding up the end of its pandemic-era bond purchases and signal a turn to interest rate increases next year as a guard against surging inflation. read more
Investors are also awaiting Canada's inflation figures for November, which is due at 08:30 a.m. ET. The annual inflation rate is expected to remain at 4.7%, an 18-year high.
Separately, the nation's consumer prices data and factory sales data are also due at 08:30 a.m. ET.
The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended 0.5% lower at 20,648.57 on Tuesday, its lowest closing level since Dec. 3.
Dow e-minis were up 10 points, or 0.03%, at 7:01 a.m. ET. S&P 500 e-minis were down 3 points, or 0.06%, and Nasdaq 100 e-minis were down 40.5 points, or 0.25%.
Canada is expected to toughen restrictions on international travel with new measures to be announced on Wednesday as it looks to limit the spread of the Omicron coronavirus variant, CBC News reported read more
Canada on Tuesday cut its deficit forecast for this fiscal year and pledged new funds to fight the Omicron coronavirus variant, while spending promised in this year's election campaign would likely be put in a full budget early next year. read more
ANALYST RESEARCH HIGHLIGHTS
Constellation Software Inc (CSU.TO): Scotiabank raises PT to C$2,500 from C$2,400
D2L Inc (DTOL.TO): National Bank of Canada initiates coverage with "outperform" rating
Lithium Americas Corp (LAC.TO): JP Morgan raises target price to C$53 from C$49
COMMODITIES AT 7:00 a.m. ET
Gold futures : $1767.4; -0.22%
US crude : $69.65; -1.53%
Brent crude : $72.7; -1.36%
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0830 NY Fed Manufacturing for Dec: Expected 25.00; Prior 30.90
0830 Import prices mm for Nov: Expected 0.7%; Prior 1.2%
0830 Export prices mm for Nov: Expected 0.5%; Prior 1.5%
0830 Import prices yy for Nov: Prior 10.7%
0830 Retail sales mm for Nov: Expected 0.8%; Prior 1.7%
0830 Retail sales ex-autos mm for Nov: Expected 0.9%; Prior 1.7%
0830 Retail ex gas/autos for Nov: Prior 1.4%
0830 Retail control for Nov: Expected 0.7%; Prior 1.6%
0830 Retail sales YoY for Nov: Prior 16.31%
1000 Business inventories mm for Oct: Expected 1.1%; Prior 0.7%
1000 Retail inventories ex-auto rev for Oct: Prior 0.4%
1000 NAHB Housing Market Index for Dec: Expected 83; Prior 83
1400 Fed funds target rate for 15 Dec: Expected 0-0.25%; Prior 0-0.25%
1400 Fed int on excess reserves for 15 Dec: Prior 0.15%
1400 Ffr projection-current for Q4: Prior 0.1%
1400 Ffr projection-1st year for Q4: Prior 0.3%
1400 Ffr projection-2nd year for Q4: Prior 1.0%
1400 Ffr projection-longer for Q4: Prior 2.5%
1400 Ffr projection-3rd year for Q4: Prior 1.8%
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