TSX futures rise, Fed Chair Powell's speech anticipated
Aug 23 (Reuters) -Futures linked to Canada's main stock index rose on Friday as crude and metal prices gained, while investors awaited U.S. Federal Reserve Chair Jerome Powell's address later in the day.
September futures on the S&P/TSX index SXFcv1 were up 0.6% at 6:26 a.m. ET (10:26 GMT).
The energy sector is expected to be in focus as oil prices edged higher, though poised to register a weekly loss. O/R
The materials sector is likely to be impacted as gold prices inched up, while copper prices also gained. GOL/ MET/L
Investors will follow Powell's commentary at the Jackson Hole Economic Symposium at 10:00 a.m. ET for clues on the U.S. interest-rate easing cycle, especially after recent dovish comments from policymakers backing reduction in borrowing costs.
After seeing the U.S. policy rates at 5.25% to 5.50% for over a year, market participants widely expect a 25-basis points reduction at the Fed's meeting next month. 0#FEDWATCH
In Canada, retail sales numbers expected at 8:30 a.m. ET could bolster the possibility of a third consecutive rate cut by the Bank of Canada, following this week's data that showed annual inflation at a 40-month low.
Meanwhile, major Canadian banks are set to report their quarterly numbers next week.
The S&P/TSX composite index .GSPTSE ended lower on Thursday, after posting a record closing high in the previous session.
In corporate news, the Teamsters union said workers at Canadian National Railway CNR.TO will return to work after the government moved to end the lockout that threatened the economy.
However, work stoppage at Canadian Pacific Kansas City CP.TO is expected to continue.
COMMODITIES
Gold XAU=: $2,497.42; +0.57% GOL/
US crude CLc1: $73.68; +0.92% O/R
Brent crude LCOc1: $77.83; +0.79% 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 = 1.3583 Canadian dollars)
Reporting by Nikhil Sharma in Bengaluru; Editing by Shreya Biswas
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