TSX eyes higher open on energy gains, rate-cut hopes
July 12 (Reuters) -Futures linked to Canada's main stock index rose on Friday as oil prices gained, a day after unexpectedly softer U.S inflation data boosted chances of a September rate cut by the Federal Reserve.
The S&P/TSX 60 futures SXFcv1 were up 0.35% by 06:37 a.m. ET (1037 GMT), with stocks set to hit another record high after the benchmark index notched a record close on Thursday.
The energy sector was on track to log gains as oil prices LCOc1, CLc1 firmed amid signs of easing inflation in the United States. O/R
The materials sector was set for a negative start as gold prices XAU= fell, snapping their winning streak of five sessions, while copper prices also slipped on fragile demand outlook in China. GOL/ MET/L
Fed Chair Jerome Powell's congressional testimony earlier this week about the economy cooling down got much-needed backing after U.S. consumer price numbers unexpectedly fell on Thursday, proving inflation was indeed on a downward path.
Market expectations of a rate cut in September remain strong, with traders pricing in a 92.5% chance. 0#FEDWATCH
All eyes will be on U.S. producer price index (PPI) data, due at 8:30 a.m. ET, where analysts are expecting an increase in inflation.
Meanwhile, Powell will appear in an interview hosted by the Economic Club of Washington at 12 p.m. ET.
Wall Street was muted after it paused near record levels ahead of major banks expected to report their quarterly results later in the day. .N
In corporate news, mining group Rio Tinto RIO.L is studying a refreshed list of takeover targets, including miner Teck Resources TECKb.TO, after BHP's BHP.AX takeover bid for Anglo American AAL.L failed, according to a Sky News report.
COMMODITIES
Gold XAU=: $2402.34; -0.52% GOL/
US crude CLc1: $83.44; +1.00% O/R
Brent crude LCOc1: $86.02; +0.73% 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 = 1.3617 Canadian dollars)
Reporting by Nikhil Sharma in Bengaluru; Editing by Shreya Biswas
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