July 19 (Reuters) - Canada's main stock index futures were down on Friday in the wake of weak spot gold prices, but losses were limited after dovish comments from a top Federal reserve official cemented the case for U.S. interest rate cuts later this month.
Spot gold XAU= shed 0.62% to $1,437.08 per ounce by 7:00 a.m. ET as investors booked profits after prices surged over $1,450 an ounce to hit a six-year high.
New York Fed President John Williams (NYSE:WMB) said on Thursday that policymakers could not wait for economic disaster to hit before adding stimulus, reviving expectations of a deeper rate cut in July and sparking a rally in shares globally. futures on the S&P/TSX index SXFc1 were down 0.05% at 7:00 a.m. ET.
Canada's retail sales data is due at 8:30 a.m. ET.
The Toronto Stock Exchange's S&P/TSX .GSPTSE rose 10.02 points, or 0.06%, to 16,494.23 on Thursday. Jones Industrial Average e-mini futures 1YMc1 were up 0.16% at 7:00 a.m. ET, while S&P 500 e-mini futures ESc1 were up 0.03% and Nasdaq 100 e-mini futures NQc1 were up 0.11%. .N
TOP STORIES TOP/CAN
Barrick Gold Corp ABX.TO has struck a deal to buy out fellow shareholders in Acacia Mining ACAA.L after raising its offer to end a two-month standoff between the world's second biggest gold miner and its African unit. RESEARCH HIGHLIGHTS RCH/CA
Intact Financial Corp IFCX.TO : CIBC raises price target to C$134 from C$120
Enghouse Systems Ltd ENGH.TO : CIBC initiates coverage with outperformer rating, C$41.50 price target
COMMODITIES AT 7:00 a.m. ET COM/WRAP
Gold futures GCc2 : $1,438.8; +0.76% GOL/
US crude CLc1 : $55.91; +1.1% O/R
Brent crude LCOc1 : $62.76; +1.34% O/R
U.S. ECONOMIC DATA DUE ON FRIDAY
1000 U Mich Sentiment Preliminary for July: Expected 98.5; Prior 98.2
1000 U Mich Conditions Preliminary for July: Expected 112; Prior 111.9
1000 U Mich Expectations Preliminary for July: Expected 89.8; Prior 89.3
1000 U Mich 1 year inflation preliminary for July: Prior 2.7%
1000 U Mich 5-year inflation preliminary for July: Prior 2.3%
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TSX market report .TO
Canadian dollar and bonds report CAD/ CA/
Reuters global stocks poll for Canada EQUITYPOLL1 EPOLL/CA
Canadian markets directory CANADA
($1= C$1.30)