Dow Today – TSX futures edge up on commodity strength

(Reuters) – Futures for Canada’s main stock index inched up on Wednesday, aided by gains in commodity prices, while investors awaited domestic inflation readings.

March futures on the S&P/TSX index were up 0.1% at 7:00 a.m. ET.

Oil prices rose for a fourth day on Wednesday as an outage on a pipeline from Iraq to Turkey increased concerns about an already tight supply outlook, while Spot gold rose 0.22%.

Investors are awaiting Canada’s inflation figures for December, which is due at 08:30 a.m. ET. The annual inflation rate is expected to rise to 4.8%, from 4.7% a year ago according to a forecast of analysts polled by Reuters.

Although gains were limited by pressure from higher bond yields as U.S. Treasury yields hit fresh two-year highs, while Germany’s 10-year yield surpassed 0% for the first time since May 2019.

The Toronto Stock Exchange’s S&P/TSX composite index ended 1.2% higher at 21,274.57 on Tuesday, after posting its highest closing level since Nov. 25. on Monday. [.TO]

Dow e-minis were up 51 points, or 0.14%, at 7:00 a.m. ET, while S&P 500 e-minis were up 10 points, or 0.22%, and Nasdaq 100 e-minis were up 57.25 points, or 0.38%. [.N]

TOP STORIES [TOP/CAN]

British Columbia will allow gyms to open from Thursday, but other restrictions will stay in place until Feb. 16 as the healthcare system continues to be impacted by COVID-19, the Canadian province’s top health official said on Tuesday.

ANALYST RESEARCH HIGHLIGHTS [RCH/CA]

Autocanada Inc: CIBC raises target price to C$49 from C$48.50

Cameco Corp: CIBC initiates coverage with “outperform” rating and C$37 PT

First Quantum Minerals Ltd: Jefferies raises target price to C$45 from C$40

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1818.6; +0.34% [GOL/]

US crude: $86.58; +1.35% [O/R]

Brent crude: $88.43; +1.05% [O/R]

U.S. ECONOMIC DATA DUE ON WEDNESDAY

0830 Building permits: number for Dec : Expected 1.701 mln; Prior 1.717 mln

0830 Build permits: change mm for Dec : Prior 3.9%

Story continues

0830 Housing starts number for Dec : Expected 1.650 mln; Prior 1.679 mln

0830 House starts mm: change for Dec : Prior 11.8%

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report [.TO]

Canadian dollar and bonds report [CAD/] [CA/]

Reuters global stocks poll for Canada

Canadian markets directory

($1= C$1.25)

(Reporting by Amal S in Bengaluru; Editing by Krishna Chandra Eluri)