Dec 19 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Wednesday ahead of the U.S. Federal Reserve’s monetary policy decision, with gold prices near five-month highs.
The Fed is expected to raise interest rates, but may cut the number of hikes it anticipates next year, signaling an earlier end to its monetary tightening in the face of financial market volatility and rising recession fears.
The U.S. central bank is due to announce its decision at 2 p.m. ET (1900 GMT) after its final two-day policy meeting of the year.
December futures on the S&P/TSX index were up 0.52 percent at 7:00 a.m. ET.
Canada’s inflation data for November is due at 8:30 a.m. ET
The Toronto Stock Exchange’s S&P/TSX rose 54.24 points, or 0.38 percent, to 14,416.89 on Tuesday.
Dow Jones Industrial Average e-mini futures were up 0.92 percent at 7:00 a.m. ET, while S&P 500 e-mini futures were up 0.9 percent and Nasdaq 100 e-mini futures were up 0.92 percent.
Canada’s biggest grain handler, Richardson International Ltd, said on Tuesday that it had agreed to buy Wesson, a retail brand of canola and vegetable oils, from Conagra Brands Inc .
ANALYST RESEARCH HIGHLIGHTS
Neo Performance Materials Inc: CIBC cuts rating to “neutral” from “outperformer”
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1248.4; -0.14 percent
US crude: $46.54; +0.65 percent
Brent crude: $56.64; +0.68 percent
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0830 Current account for Q3: Expected -124.3 bln; Prior -101.5 bln
1000 Existing home sales for Nov: Expected 5.20 mln; Prior 5.22 mln
1000 Existing home sales percentage change for Nov: Expected -0.6 pct; Prior 1.4 pct
1400 Fed funds target rate for Dec 19: Expected 2.25-2.50 pct; Prior 2.125 pct
1400 Fed int on excess reserves for Dec 19: Prior 2.20 pct
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= C$1.35) (Reporting by Nayyar Rasheed in Bengaluru; Editing by Derek Francis)
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