Futures for Canada's main stock index edged up on Thursday, supported by higher oil prices, with gains limited by a risk-off sentiment after minutes of the Federal Reserve's last meeting signaled interest rates would stay higher for longer.
March futures on the S&P/TSX index were up 0.1% at 6:58 a.m. ET.
The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) fell on Wednesday to its lowest closing level in six weeks, tracking declines on Wall Street after the release of the Fed's minutes.
After a strong start to 2023, the TSX has fallen 2.8% so far in February as signs of strength in major global economies spurred fears that central banks would stick to their aggressive monetary tightening.
Oil prices stabilized with gains on Russian supply curbs capped by an expected rise in U.S. inventories, after Brent crude posted its biggest one-day loss for seven weeks in the previous session.
In company news, First Quantum Minerals Ltd (FM.TO) said its unit had suspended ore processing operations at the Cobre Panama mine, with the miner locked in a long-standing dispute with the Panama government.
In earnings, retailer Loblaw Cos Ltd (L.TO) topped Wall Street estimates for quarterly revenue helped by resilient demand for its groceries and drugs.
Lundin Mining (LUN.TO) beat profit estimates for the fourth quarter but earnings declined on a year-on-year basis due to lower metal prices and higher operating costs.
COMMODITIES AT 6:58 a.m. ET
Gold futures : $1,824.8; -0.46%
US crude : $74.71; +1.03%
Brent crude : $81.41; +1.0%
U.S. ECONOMIC DATA DUE ON THURSDAY
Second estimate of U.S. Q4 Gross Domestic Product
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($1 = 1.3531 Canadian dollars)
