Money-market participants are expecting the Bank of Canada to continue to hold the benchmark rate at 4.5% at its next rate-setting meet in April. The U.S. Federal Reserve is largely expected to hike rates by 25 basis points on Wednesday, following the end of its two-day meeting, while some top central bank watchers say it could even pause further rate hikes, given the current banking crisis. March futures on the S&P/TSX index were up 0.5% at 6:47 a.m. ET. Contracts tied to oil prices were in gains after the Credit Suisse rescue over the weekend eased global crude demand worries among investors. In company news, Canada's Ritchie Bros Auctioneers Inc said it had completed the acquisition of U.S. auto retailer IAA Inc , weeks after two proxy advisory firms urged shareholders to reject the $7 billion deal. U.S.-based buyout fund KKR & Co Inc has agreed to sell a 50% stake in Spanish renewable energy company X-Elio Energy to asset manager Brookfield , the two funds said.
In the previous session, the Toronto Stock Exchange's S&P/TSX composite index ended 0.6% higher aided by gains in energy and financial stocks. Dow e-minis were up 268 points, or 0.83%, at 6:47 a.m. ET, while S&P 500 e-minis were up 26.75 points, or 0.67%, and Nasdaq 100 e-minis were up 43 points, or 0.34%. COMMODITIES AT 6:47 a.m. ET
Gold futures : $1,970.1; -0.6% US crude : $68.61; +1.43% Brent crude : $74.7; +1.25% U.S. ECONOMIC DATA DUE ON TUESDAY Feb Existing Home Sales due at 10:00 a.m. ET
FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1 = 1.3668 Canadian dollars) (Reporting by Johann M Cherian in Bengaluru; Editing by Pooja Desai)
