Canada’s main stock index was poised to open lower on Thursday after hitting a three-week high in the prior session, tracking sour global sentiment, although further losses were limited by stronger crude prices.
March futures on the S&P/TSX index were down 0.6% at 6:53 a.m. ET.
A rally for global shares wilted on Thursday as analysts warned of further pain for stocks with no immediate end in sight to the war in Ukraine, even after planned diplomatic talks between Moscow and Kyiv had lent momentum to riskier bets. [MKTS/GLOB]
Meanwhile, oil prices rose after the United Arab Emirates backtracked on statements saying that OPEC and its allies might increase output to help to plug the gap in exports from Russia. [O/R]
Investors were also focused on U.S. consumer price data due later in the day, ahead of the Federal Reserve’s March 15-16 meeting.
The Toronto Stock Exchange’s S&P/TSX composite index ended 1.2% up at 21,493.23 on Wednesday, its highest closing level since Feb. 15. [.TO]
Dow e-minis were down 291 points, or 0.87% at 6:53 a.m. ET, while S&P 500 e-minis were down 34.25 points, or 0.8% and Nasdaq 100 e-minis were down 152.75 points, or 1.11%. [.N]
ANALYST RESEARCH HIGHLIGHTS [RCH/CA]
Canadian National Railway Co: J.P. Morgan resumes coverage with “neutral” rating
Canadian Pacific Railway Ltd: J.P. Morgan resumes coverage with “overweight” rating
Franco-Nevada Corp: CIBC raises target price to C$260 from C$240
COMMODITIES AT 7:00 a.m. ET
Gold futures: $2009.5; +1.08% [GOL/]
US crude: $113.24; +4.16% [O/R]
Brent crude: $116.7; +5.01% [O/R]
U.S. ECONOMIC DATA DUE ON THURSDAY
0830 Continue jobless claim : Prior 1.476 mln
0830 Jobless claim 4week average : Prior 230,500
0830 Initial jobless claim : Expected 216,000; Prior 215,000
0830 CPI Wage Earner for Feb : Prior 276.296
0830 CPI Index SA for Feb : Prior 281.930
0830 CPI mm NSA for Feb : Prior 0.840%
0830 Real weekly earnings mm for Feb : Prior -0.5%
0830 CPI yy, NSA for Feb : Expected 7.9%; Prior 7.5%
0830 CPI mm, SA for Feb : Expected 0.8%; Prior 0.6%
0830 Core CPI Index, SA for Feb : Prior 286.43
0830 CPI Index, NSA for Feb : Prior 281.148
0830 Core CPI yy, NSA for Feb : Expected 6.4%; Prior 6.0%
Core CPI mm, SA for Feb : Expected 0.5%; Prior 0.6%
1000 Cleveland fed CPI for Feb : Prior 0.6%
1400 Federal budget, for Feb : Prior $119.00 bln
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report [.TO]
Canadian dollar and bonds report [CAD/] [CA/]
Reuters global stocks poll for Canada
Canadian markets directory
($1= C$1.28)
(Reporting by Amal S in Bengaluru; Editing by Maju Samuel)
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