May 3 (Reuters) - Futures for Canada's main stock index
were muted on Wednesday as investors avoided making big bets
ahead of the U.S. Federal Reserve's much-awaited monetary policy
decision that would offer more clues on the central bank's
rate-hike trajectory.
June futures on the S&P/TSX index were flat at 7:03
a.m. ET.
The Fed is widely expected to raise rates by 25 basis points
at its policy rate announcement at 2:00 p.m. ET (1800 GMT), with
growing hopes for a pause in further hikes.
Adding to the pressure on futures for the commodity-heavy
index, oil prices continued their downward trend as investors
fretted about the health of the U.S. economy. The Toronto Stock Exchange's S&P/TSX composite index fell on Tuesday as a sharp drop in oil prices dragged
down energy shares.
In company news, gold miner Barrick Gold Corp beat
Wall Street expectations for first-quarter profit, as higher
prices of the metal outweighed a decline in production.
Retailer Loblaw Companies Ltd reported a 6% rise in
first-quarter sales, helped by strong demand for essential
goods, including groceries and drugs.
Barclays downgraded luxury parka maker Canada Goose Holdings
Inc to "equal-weight" from "overweight".
COMMODITIES AT 7:03 a.m. ET
Gold futures : $2,025.2; +0.09% US crude : $69.37; -3.2% Brent crude : $73.06; -3.0% 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 = 1.3626 Canadian dollars)
(Reporting by Shristi Achar A in Bengaluru; Editing by Shilpi
Majumdar)
