(Reuters) - Futures for Canada's main stock index were subdued on Wednesday as declines in gold and oil prices were offset by optimistic investor sentiment in the United States.
June futures on the S&P/TSX index were flat at 6:33 a.m. ET (10:33 GMT).
Gold prices extended their fall, partly weighed down by hedge fund reductions and easing tensions of a major escalation in the Middle East. [GOL/]
Oil prices trended lower as industry data showed a surprise drop in U.S. crude stocks last week, and a drop in business activity from the world's largest oil consumer. [O/R]
Meanwhile, S&P 500 and Nasdaq futures gained on Wall Street on a boost by growth stocks as investors lauded upbeat earnings from mega-cap Tesla. [.N]
On the data front, a March reading of retail sales data is due at 8:30 a.m. ET in Canada, that could offer some more insight on the state of inflation in the country.
All data in Canada is on the radar after Bank of Canada Governor Tiff Macklem's hinted in early April that the central bank would be open to a June cut if a cooling trend in inflation was sustained.
Investors are also awaiting the monthly reading of the personal consumption expenditure (PCE) - the Federal Reserve's preferred measure of inflation - for further clues on the timing of cuts in the U.S.
The Toronto Stock Exchange's S&P/TSX composite index ended 0.64% higher on Tuesday, hitting its highest in over a week. [.TO]
In corporate news, miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an initial public offering (IPO) of its Philippine unit.
First Quantum Minerals said on Tuesday that it has cut its debt by $1.14 billion in the first quarter.
COMMODITIES AT 6:33 a.m. ET
Gold futures: $2,319.1; -0.5% [GOL/]
US crude: $82.98; -0.5% [O/R]
Brent crude: $88.13; -0.3% [O/R]
(Reporting by Purvi Agarwal in Bengaluru; Editing by Ravi Prakash Kumar)
