TSX futures track oil gains ahead of Fed meet, retail sales data

(Reuters) – Futures for Canada’s main stock index edged higher on Wednesday as oil prices rose, while investors awaited the outcome of the U.S. Federal Reserve policy meet and a reading on monthly retail sales data later in the day.

Most Fed watchers expect Chairman Jerome Powell to repeat the bank’s recent message that its low interest rates and support programmes will remain in place for a long time yet.

Canada’s February retail sales, data due at 0830 a.m. ET, are expected to rise 4% after falling 1.1% in January.

June-quarter futures on the S&P/TSX index were up 0.3% at 0752 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX composite index ended 0.02% higher at 19,175.09 on Tuesday. [.TO]

Dow e-minis were down 73 points, or 0.22%, at 12:51 a.m. ET, while S&P 500 e-minis were up 0.25 points, or 0.01%, and Nasdaq 100 e-minis were down 22.75 points, or 0.16%. [.N]

TOP STORIES [TOP/CAN]

The Bank of Canada is expecting strong consumption-led growth in the second half of the year as vaccinations against COVID-19 continue, Governor Tiff Macklem said on Tuesday.

Shopify Inc, reported a 110% jump in first-quarter revenue that also trounced analysts’ estimates, as its e-commerce platform profited from the past year’s COVID-19 driven boom in online selling.

Canadian miner Teck Resources Ltd, reported a 246.8% jump in first-quarter adjusted profit, driven by higher copper prices as COVID-19 vaccine rollouts help open up economies, boosting demand for raw materials.

ANALYST RESEARCH HIGHLIGHTS [RCH/CA]

Exchange Income Corp: CIBC raises target price to C$42 from C$39.5

First Quantum Minerals Ltd: Jefferies raises target price to C$47 from C$45

COMMODITIES AT 7:52 a.m. ET

Gold futures: $1,766.6; -0.7%[GOL/]

US crude: $63.59; +1% [O/R]

Brent crude: $66.99; +0.9% [O/R]

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(Reporting by Devik Jain in Bengaluru; Editing by Vinay Dwivedi)

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