TSX futures rise ahead of US employment data
July 5 (Reuters) -Futures tied to Canada's main stock index climbed on Friday as gold and copper prices rose, while investors awaited crucial domestic and U.S. employment data to gauge the trajectory of interest-rate cuts in both economies.
S&P/TSX 60 futures SXFcv1 were up 0.28% by 06:37 a.m. ET (1037 GMT).
The materials sector was set to extend its gains as gold XAU= and copper prices firmed against a weaker dollar, while rate-cut hopes also lent support. MET/L GOL/
Oil futures LCOc1, CLc1 were near their best day since late April, driven by robust summer fuel demand and some supply concerns. O/R
Across the border, Wall Street futures were also up ahead of the jobs data. .N
Financial markets will be focusing on the U.S. non-farm payrolls data, expected at 8:30 a.m. ET, which could help evaluate the timings of the rate cuts by the Federal Reserve.
A recent string of soft economic data has proved the U.S. economy is slowing, escalating expectations of rate cuts by the Fed, with market participants pricing in a 74.4% chance of a reduction in September. 0#FEDWATCH
Canadian employment figures, due at 8:30 a.m. ET, will also grab investors' attention as it can give more assurance about the Bank of Canada trimming its rates in its next policy meeting on July 24.
In corporate news, the Canadian government approved Switzerland-based miner Glencore's GLEN.L $6.93 billion takeover of Teck Resources' TECKb.TO steelmaking coal unit with strict conditions to preserve jobs.
COMMODITIES
Gold XAU=: $2365.25; +0.38% GOL/
US crude CLc1: $83.91; +0.01% O/R
Brent crude LCOc1: $87.31; -0.1% O/R
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
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 = 1.3604 Canadian dollars)
Reporting by Nikhil Sharma in Bengaluru; Editing by Shreya Biswas
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
