TSX futures edge up on higher commodity prices
Aug 26 (Reuters) -Futures linked to Canada's main stock index rose on Monday due to a rise in crude and metal prices, while investors cheered the U.S. Federal Reserve Chair's comments on Friday that endorsed the start of the rate-cut cycle in September.
September futures on the S&P/TSX index SXFcv1 were up 0.1% at 6:00 a.m. ET (10:00 GMT).
The energy sector remained in focus as oil prices climbed on possible supply disruptions due to fears of Gaza conflict spreading into the Middle East. O/R
The materials sector was also in focus after gold prices strengthened against a weaker dollar and lower Treasury yields, while copper prices also surged to a three-week high. GOL/ MET/L
The S&P/TSX composite index .GSPTSE notched a record closing high on Friday after Fed Chair Jerome Powell's comments endorsing the beginning of rate cuts in the United States, while also acknowledging that inflation was within the reach of 2% target.
After keeping the credit conditions at 5.25% to 5.50% for over a year, traders widely expect a 25-basis points reduction at the Fed's policy meeting next month. 0#FEDWATCH
Across the border, the focus will be on the U.S. personal consumption and core inflation numbers, expected later in the week, along with Nvidia's NVDA.O second-quarter results on Wednesday.
Meanwhile at home, the Canada Industrial Relations Board ordered an end to work stoppages at the country's largest railways that posed a threat to Canada's export-driven economy.
Among important earnings, major lenders like Bank of Nova Scotia BNS.TO, Royal Bank of Canada RY.TO, and the National Bank of Canada NA.TO are expected to report their quarterly results this week.
COMMODITIES
Gold XAU=: $2,525.8; +0.6% GOL/
US crude CLc1: $75.72; +1.2% O/R
Brent crude LCOc1: $79.91; +1.1% 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 = 1.3506 Canadian dollars)
Reporting by Nikhil Sharma in Bengaluru; Editing by Vijay Kishore
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