TSX futures subdued ahead of Fed rate decision
8:19 am Wednesday, December 14th, 2022
(Reuters) – Futures for Canada’s main stock index were flat on Wednesday, mirroring tepid risk appetite in U.S. peers, as investors remained on the sidelines ahead of the Federal Reserve’s last interest rate decision of the year.
Futures on the S&P/TSX index were subdued at 0703 a.m. ET (1203 GMT) while U.S. stock index futures were also muted. [.N]
Focus remains on the Federal Reserve, who will conclude its two-day policy meeting on Wednesday, with bets the U.S. central bank may deliver a dialed-down 50-basis-point rate hike. Data on Tuesday showed that U.S. consumer prices grew at their slowest pace in about a year in November.
The interest rate announcement is due at 1900 GMT.
Canada’s TSX index ended slightly higher on Tuesday, helped by a strong performance in energy shares. [O/R]
Investors are also awaiting domestic manufacturing sales data for October that is expected before the markets open.
Anxious traders will be hoping for a quick verdict as a 20-month-old M&A battle between Canada’s competition bureau, Rogers Communications Inc and Shaw Communications Inc draws to a close.
On the research front, CIBC cut railroad operator Canadian National Railway Company to “neutral” from “outperform”.
($1 = 1.3562 Canadian dollars)
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Sherry Jacob-Phillips)
