(Reuters) – Futures tied to Canada’s main stock index fell on Thursday, taking cues from Wall Street, as investors gauged the U.S. Federal Reserve’s growth projections amid uncertainties due to a global trade war.
The futures on the S&P/TSX index were down 0.21% at 0640 ET (1040 GMT), while Wall Street’s S&P 500 E-minis fell 0.7%.
Political developments in Canada also took center stage on Thursday after the Globe and Mail reported that the newly-appointed Prime Minister, Mark Carney, is expected to call a snap election for April 28.
Toronto’s benchmark index logged its biggest jump in over seven months on Wednesday after the Fed provided a less hawkish outlook than some investors had feared.
The U.S. central bank kept its interest rates on hold and projected two more quarter-point cuts by the end of this year.
The policymakers, however, lowered their economic growth outlook for this year and raised inflation projections as they assessed uncertainty from U.S. trade tariffs.
In commodities, oil prices rose on Thursday, boosted by a weaker U.S. dollar and a strong outlook for demand in the United States after fuel inventories fell more than expected.[O/R]
Gold prices were steady after touching another record high earlier in the session, while copper prices were hovering near their highest levels in more than five months. [GOL/] [MET/L]
In corporate news, potential buyers of Japan’s Seven & i and Canada’s Alimentation Couche-Tard’s U.S. stores have until the end of March to express interest and address antitrust concerns, Bloomberg News reported.
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(Reporting by Nikhil Sharma; Editing by Sahal Muhammed)
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