Dec 19 (Reuters) - Stock futures pointed to a higher opening for Canada's main stock index on Wednesday ahead of the U.S. Federal Reserve's monetary policy decision, with gold prices near five-month highs.
The Fed is expected to raise interest rates, but may cut the number of hikes it anticipates next year, signaling an earlier end to its monetary tightening in the face of financial market volatility and rising recession fears. U.S. central bank is due to announce its decision at 2 p.m. ET (1900 GMT) after its final two-day policy meeting of the year.
December futures on the S&P/TSX index SXFc1 were up 0.52 percent at 7:00 a.m. ET.
Canada's inflation data for November is due at 8:30 a.m. ET
The Toronto Stock Exchange's S&P/TSX .GSPTSE rose 54.24 points, or 0.38 percent, to 14,416.89 on Tuesday. Jones Industrial Average e-mini futures 1YMc1 were up 0.92 percent at 7:00 a.m. ET, while S&P 500 e-mini futures ESc1 were up 0.9 percent and Nasdaq 100 e-mini futures NQc1 were up 0.92 percent. .N
TOP STORIES TOP/CAN
Canada's biggest grain handler, Richardson International Ltd, said on Tuesday that it had agreed to buy Wesson, a retail brand of canola and vegetable oils, from Conagra Brands Inc CAG.N . RESEARCH HIGHLIGHTS RCH/CA
Neo Performance Materials Inc NEO.TO : CIBC cuts rating to "neutral" from "outperformer"
COMMODITIES AT 7:00 a.m. ET COM/WRAP
Gold futures GCcv1 : $1248.4; -0.14 percent GOL/
US crude CLc1 : $46.54; +0.65 percent O/R
Brent crude LCOc1 : $56.64; +0.68 percent O/R
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0830 Current account for Q3: Expected -124.3 bln; Prior -101.5 bln
1000 Existing home sales for Nov: Expected 5.20 mln; Prior 5.22 mln
1000 Existing home sales percentage change for Nov: Expected -0.6 pct; Prior 1.4 pct
1400 Fed funds target rate for Dec 19: Expected 2.25-2.50 pct; Prior 2.125 pct
1400 Fed int on excess reserves for Dec 19: Prior 2.20 pct
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