February 1, 2018 / 12:53 PM / 9 months ago

CANADA STOCKS-TSX futures lower as gold prices drop

Feb 1 (Reuters) - Futures on Canada’s main stock index were lower on Thursday as gold prices slipped after the Federal Reserve struck a hawkish tone on inflation and said it expected “further gradual” rate increases will be warranted.

March futures on the S&P TSX index were down 0.11 percent at 7:15 a.m. ET.

Spot gold was down 0.4 percent at $1,339.71 per ounce, as of 0831 GMT.

The Fed said on Wednesday inflation is likely to quicken this year, bolstering expectations borrowing costs will continue to climb.

Markit Manufacturing PMI data is due at 09:30 a.m. ET

Canada’s benchmark stock index ended Wednesday a touch lower, at its lowest in eight weeks, as global investor demand for equities ebbed after the Federal Reserve indicated more interest rates hikes were likely.

Dow Jones Industrial Average e-mini futures were down 0.17 percent at 7:20 a.m. ET, while S&P 500 e-mini futures were down 0.02 percent and Nasdaq 100 e-mini futures were down 0.18 percent.

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TOP STORIES

Suncor Energy Inc said on Wednesday that it expected to cut some 400 heavy-equipment operator positions over the next six years as it rolls out a fleet of self-driving trucks at its Canadian oil sand mining operations.

A recent trade decision allowing Bombardier to sell its newest jets in the United States without hefty duties will boost airline confidence in the program, but the Canadian planemaker still faces challenges to win over lessors, Air Lease Corp Chief Executive John Plueger said on Wednesday.

ANALYST RESEARCH HIGHLIGHTS

Ivanhoe Mines Ltd: CIBC cuts to neutral from outperform

Toronto-Dominion Bank: CIBC raises to outperform from neutral

Liquor Stores Na Ltd: Canaccord Genuity cuts to hold from buy

COMMODITIES AT 7:20 a.m. ET

Thomson Reuters-Jefferies CRB Index: unchanged

Gold futures: $1338.1; fell 0.07 percent

US crude: $65.19; rose 0.71 percent

Brent crude: $69.41; rose 0.75 percent

LME 3-month copper: $7076; fell 0.59 percent

U.S. ECONOMIC DATA DUE ON THURSDAY

0730 Challenger layoffs for Jan: Prior 32423

0830 Initial jobless claims: Expected 238000; Prior 233000

0830 Jobless claims 4-week average: Prior 240000

0830 Continued jobless claims: Expected 1.928 mln; Prior 1.937 mln

0830 Labor costs preliminary for Q4: Expected 0.8 pct; Prior -0.2 pct

0830 Productivity preliminary for Q4: Expected 1.0 pct; Prior 3.0 pct

0945 Markit Manufacturing PMI Final for Jan: Prior 55.5

1000 Construction spending mm for Dec: Expected 0.4 pct; Prior 0.8 pct

1000 ISM Manufacturing PMI for Jan: Expected 58.8; Prior 59.7

1000 ISM Manufacturing Prices Paid for Jan: Expected 68; Prior 69

1000 ISM Manufacturing Employment Index for Jan: Expected 57; Prior 57

1000 ISM Manufacturing New Orders Index for Jan: Prior 69.4

1530 Domestic car sales for Jan: Expected 4.30 mln; Prior 4.40 mln

1530 Total vehicle sales for Jan: Expected 17.2 mln; Prior 17.85 mln

1530 Domestic truck sales for Jan: Prior 9.61 mln

1530 All car sales for Jan: Prior 6.09 mln

1530 All truck sales for Jan: Prior 11.76 mln

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory ($1=C$1.23) (Reporting by Debanjan Bose in Bengaluru; Editing by Sriraj Kalluvila)

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