TSX futures fall ahead of US CPI reading
Aug 14 (Reuters) -Futures linked to Canada's main stock index slipped on Wednesday as investors' cautionary stance ahead of key U.S. inflation data countered gains in crude and metal prices.
September futures on the S&P/TSX index SXFcv1 were down 0.19% at 6:21 a.m. ET (1021 GMT), a day after the composite index .GSPTSE closed higher after hitting a more than one-week high on softer U.S. producer prices.
Wall Street futures were also muted after S&P .SPX and Nasdaq .IXIC indexes registered four straight sessions of gains. .N
The U.S. consumer price index (CPI) data due at 8:30 a.m. ET is expected to show headline inflation grew 3% on a yearly basis in the country, same as June.
The data-heavy week is crucial for investors as they track U.S. inflation's downward path, which could signal at a larger interest-rate cut from the Federal Reserve at the September policy meeting.
Market participants are united in their expectations for a rate cut, but are evenly divided between chances of a 25 basis-points (bps) reduction and or that of 50 bps.
On the Toronto Stock Exchange, the energy sector looked at a positive start as oil prices rose after a report showed a fall in U.S. crude and gasoline inventories, while supply issues from possible escalation of the Israel-Gaza war also lent support.
The materials sector was in focus as gold prices neared record highs, driven by U.S. rate-cut hopes and tensions in the Middle East. Copper prices also firmed against a soft dollar. O/R MET/L
In corporate news, bitcoin miner Riot Platforms RIOT.O said it had increased its stake in Canadian rival Bitfarms BITF.TO to 18.9%.
COMMODITIES
Gold XAU=: $2470.49; +0.22% GOL/
US crude CLc1: $78.42; 0.1% O/R
Brent crude LCOc1: $80.83; +0.14 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 = 1.3703 Canadian dollars)
Reporting by Nikhil Sharma in Bengaluru; Editing by Shreya Biswas
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