TSX futures muted ahead of US inflation data
July 11 (Reuters) -Futures linked to Canada's main stock index were subdued on Thursday ahead of key U.S. inflation data that can help investors gauge the Federal Reserve's interest-rate path.
The S&P/TSX 60 futures SXFcv1 were down 0.03% by 06:28 a.m. ET (1028 GMT).
The materials sector was set to grab focus as gold prices XAU= extended their rally. Meanwhile, copper prices dropped amid concerns about the fragile demand outlook in China. GOL/ {MET/L]
Oil futures inched higher after U.S. refineries ramped up processing and gasoline inventories eased, signalling a firmer demand. O/R
Markets will be focussed on U.S. consumer price index (CPI) numbers, expected at 8:30 a.m. ET, which can help predict the possibility of the U.S. central bank trimming policy rates in September.
Fed Chair Jerome Powell, in his congressional testimony on Tuesday, had acknowledged inflation was easing and the world's largest economy was no longer overheated.
Markets are now pricing in a 73.2% chance of a September cut. 0#FEDWATCH
Investors will keep an eye on crucial U.S. producer price index (PPI) data on Friday, which is also when the earnings season will kick off with major U.S. banks.
Back home, the 29-month rise in domestic unemployment numbers has amplified calls for another rate cut by the Bank of Canada in its next policy meeting on July 24.
In corporate news, International Battery Metals IBAT.CD became the first company to produce lithium with a novel type of filtration technology commercially.
COMMODITIES
Gold XAU=: $2382.42; +0.48% GOL/
US crude CLc1: $82.44; +0.40% O/R
Brent crude LCOc1: $85.49; +0.48% 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 = 1.3630 Canadian dollars)
Reporting by Nikhil Sharma in Reuters; Editing by Shreya Biswas
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