March 16 (Reuters) - Stock futures pointed to a higher opening for Canada's main stock index on Thursday as commodities gained on the dollar's drop in the wake of the U.S. Federal Reserve's dovish tone for rate hikes this year.
The Fed on Wednesday raised interest rates, as expected, but signaled only a gradual rate tightening. That sent the dollar to a one-month low, and gold and copper to one-week highs. prices also rose for a second day, as the dollar weakened and as U.S. data showing crude inventories had dipped after rising for nine weeks. O/R
A rally in commodities on Wednesday following the Fed's statement, boosted shares of natural resource companies, helping Canada's main stock index rebound from a 2017 low hit in the previous session. .TO
March futures on the S&P TSX index SXFc1 were up 0.26 percent at 7:15 a.m. ET.
Dow Jones Industrial Average e-mini futures 1YMc1 were up 0.33 percent at 7:15 a.m. ET, while S&P 500 e-mini futures ESc1 were up 0.26 percent and Nasdaq 100 e-mini futures NQc1 were up 0.31 percent. .N
Data on foreign investment in Canadian securities is due at 8:30 a.m. ET ECONCA .
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TOP STORIES TOP/CAN
Indian Oil Corp IOC.NS became India's first refiner to buy light sweet Hibernia crude from Canada's largest oil company Suncor Energy SU.TO , doing the deal after the opening of the arbitrage for Canadian oil to flow to Asia. Canada Goose Holdings Inc GOOS.TO said on Wednesday it has priced its initial public offering at C$17 per share, above its target range. RESEARCH HIGHLIGHTS RCH/CA
Automotive Properties REITAPR_u.TO : CIBC starts coverage with "outperformer" rating; C$11.25 target price
Bombardier BBDb.TO : Desjardins raises rating to "buy" from "hold"
COMMODITIES AT 7:15 a.m. ET COM/WRAP
Gold futures GCc1 : $1222.9; +1.9 percent GOL/
US crude CLc1 : $49.24; +0.78 percent O/R
Brent crude LCOc1 : $52.26; +0.87 percent O/R
LME 3-month copper CMCU3 : $5937; +1.24 percent MET/L
U.S. ECONOMIC DATA DUE ON THURSDAY
08:30 Building permits number for Feb: Expected 1.260 mln; Prior 1.293 mln
08:30 Build permits change mm for Feb: Prior 5.3 pct
08:30 Housing starts number mm for Feb: Expected 1.260 mln; Prior 1.246 mln
08:30 House starts change mm for Feb: Prior -2.6 pct
08:30 Initial jobless claims: Expected 240,000; Prior 243,000
08:30 Jobless claims 4-week average: Prior 236,500
08:30 Continued jobless claims: Expected 2.050 mln; Prior 2.058 mln
08:30 Philly Fed Business Index for Mar: Expected 30.0; Prior 43.3
08:30 Philly Fed 6M Index for Mar: Prior 53.50
08:30 Philly Fed Capex Index for Mar: Prior 22.10
08:30 Philly Fed Employment for Mar: Prior 11.10
08:30 Philly Fed Prices Paid for Mar: Prior 29.90
08:30 Philly Fed New Orders for Mar: Prior 38.00
10:00 JOLTS job openings for Jan: Prior 5.501 mln
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TSX market report .TO
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Reuters global stocks poll for Canada EQUITYPOLL1 EPOLL/CA
Canadian markets directory CANADA ($1 = C$1.33)