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PrintCANADA STOCKS-TSX futures rise ahead of US payrolls data, Fed minutes
BY Reuters | ECONOMIC | 08/21/24 07:06 AM EDTAug 21 (Reuters) - Futures linked to Canada's main stock index bounced back on Wednesday as oil prices ticked up, while investors awaited U.S. economic data and release of the Federal Reserve's July meeting minutes.
September futures on the S&P/TSX index were up 0.5% at 6:33 a.m. ET (1033 GMT).
The energy sector was in focus as oil prices steadied, after a session of declines amid fears over fragile demand in China and easing Middle East tensions.
Mining stocks will also be in the limelight as spot gold traded near record high levels, after a rally backed by Western fund inflows and U.S. rate-cut optimism.
Investors will keep an eye on the minutes from the Federal Reserve's July monetary policy meeting due later in the day to infer the temperament of policymakers on interest-rate cuts.
Preliminary revisions to U.S. labour data are set to release at 10 a.m. ET, where a large downward revision is expected that could further support rate-cut calls.
Traders also await U.S. Fed Chair Jerome Powell's commentary at the Jackson Hole Economic Symposium on Friday.
The policymaker is expected to acknowledge the case for a September cut, where markets anticipate a 25-basis points reduction.
Meanwhile, in Canada, investors will parse through monthly producer prices numbers due at 8:30 a.m. ET.
Data on Tuesday showed cooling inflation in the economy, bolstering hopes for a third consecutive rate cut by the Bank of Canada.
In corporate news, Brookfield Asset Management
COMMODITIES
Gold: $2,507.7; -0.2%
US crude: $73.64; +0.6%
Brent crude: $77.70; +0.6%
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Reuters global stocks poll for Canada
Canadian markets directory ($1 = 1.3608 Canadian dollars) (Reporting by Nikhil Sharma; Editing by Shreya Biswas)
