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TSX futures crawl higher ahead of Fed meet decision

Kitco News

March 22(Reuters) - Futures for Canada's main stock index edged up on Wednesday tracking gains in bullion prices, as investors awaited the U.S. Federal Reserve's verdict on further monetary tightening.

The Fed is expected to deliver quarter of a percentage-point rate hike at 2 p.m. ET (1800 GMT), but a few market participants also expect a pause following the recent rout in global markets.

March futures on the S&P/TSX index were up 0.2% at 7:05 a.m. ET.

Gold prices added shine as investors rushed to the safe-haven asset ahead of the Fed's rate decision announcement.

Among company news, brokerage Scotiabank upgraded Africa Oil Corp (AOI.TO) to "sector outperform" from "sector perform".

Meanwhile, Canada Deposit Insurance Corp (CDIC) is reviewing deposit insurance limits to safeguard the country's financial system, the Bank and Trust Companies Association said.

In the previous session, the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) closed 0.7% up at a one-week high, as energy and financial stocks rallied after data showed inflation eased in the previous month.

Dow e-minis were up 31 points, or 0.09% at 7:05 a.m. ET, while S&P 500 e-minis were up 2.75 points, or 0.07% and Nasdaq 100 e-minis were down 7.75 points, or 0.06%.

COMMODITIES AT 7:00 a.m. ET

Gold futures : $1,947.1; +0.3%

US crude : $69.3; -0.3%

Brent crude : $75.01; -0.3%

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report

Canadian dollar and bonds report CA/

Reuters global stocks poll for Canada ,

Canadian markets directory

($1 = 1.3699 Canadian dollars)

Reporting by Johann M Cherian in Bengaluru; Editing by Maju Samuel
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