March 3 (Reuters) - Futures for Canada's commodity-heavy
stock index rose on Friday, as a rise in gold prices and hopes
of a pause in monetary tightening aided investor sentiment.
March futures on the S&P/TSX index were up 0.3% at
7:12 a.m. ET.
The Toronto Stock Exchange's S&P/TSX composite index closed at its highest in nearly two weeks on Thursday,
underpinned by gains in technology and industrial shares.
Canada's independent budgetary watchdog forecast that the
Bank of Canada will hold rates at the current level of 4.5% till
the year-end and will start cutting rates in January 2024,
making the first major central bank to say it would likely
"pause" monetary tightening.
Gold prices climbed to their highest in two weeks as a
softer dollar made bullion cheaper for holders of other
currencies. Among stocks, Equinor said it would acquire the
British oil and gas business of Canada's Suncor Energy for $850 million.
Meanwhile, data showed home prices in the Greater Toronto
Area (GTA) rose in February from the previous month, but were
down sharply on an annual basis, as borrowing costs climbed.
Investors now await January monthly building permits data
later in the day, which is expected to rise 1.5% from a decline
of 7.3% in the previous month.
Dow e-minis were up 95 points, or 0.29% at 7:12
a.m. ET, while S&P 500 e-minis were up 16.75 points, or
0.42%, and Nasdaq 100 e-minis were up 58.5 points, or
0.48%. COMMODITIES AT 7:00 a.m. ET
Gold futures : $1,852.8; +0.7% US crude : $77.98; -0.2% Brent crude : $84.53; -0.3% U.S. ECONOMIC DATA DUE ON FRIDAY
Feb S&P global composite final PMI data due 9:45 a.m. ET
Feb ISM manufacturing PMI data due 10:00 a.m. ET
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(Reporting by Johann M Cherian in Bengaluru; Editing by Shilpi
Majumdar)
