STEL

CANADA STOCKS-TSX futures signal subdued start as traders await more rate cut cues

Credit: REUTERS/CHRIS HELGREN

March 13 (Reuters) - Futures for Canada's resources-heavy stock index were muted as investors await more U.S. economic data this week to adjust their expectations for the Federal Reserve's monetary policy path, though gains in commodity prices offered some support.

March futures on the S&P/TSX index SXFcv1 were up 0.1% at 6:45 a.m. ET (1045 GMT) on Wednesday.

Energy shares on the TSX eye another day of gains, as oil prices rose on signs of strong global demand and hopes of U.S. interest rate cuts in the coming months. O/R

Mining stocks are poised to rebound as copper prices hit a near two-year high in China after Chinese smelters sought output cuts. MET/L

Gold steadied after posting its biggest drop in a month in the previous session. GOL/

Investors would assess the economic data from the United States including monthly readings of producer prices index and retail sales, which are due later in the week, for further clues about the health of the economy.

The datasets will follow a hot reading of the consumer price index in the U.S. Investors, however, continue to bet on the likelihood of a June rate cut by the Fed.

Global equities rallied after the CPI data on Tuesday, with the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ending near a two-year high.

Traders expect the Bank of Canada to start easing its interest rate cycle from July.

Packaging company TranscontinentalTCLa.TO beat adjusted profit per share estimates for the first quarter on Wednesday.

Singapore Telecommunications (SingTel) STEL.SI is looking to sell a stake in its wholly owned Australian unit Optus to Canadian private equity giant Brookfield BAM.TO, a source with direct knowledge of the matter said on Wednesday.

COMMODITIES AT 6:45 a.m. ET

Gold futures GCc2: $2,166.3; flat GOL/

US crude CLc1: $78.68; +1.4% O/R

Brent crude LCOc1: $83.04; +1.4% O/R

(Reporting by Purvi Agarwal in Bengaluru; Editing by Shilpi Majumdar)

((Purvi.Agarwal@thomsonreuters.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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