Sept 12 (Askume) – Futures linked to Canada’s main stock index rose on Thursday, supported by higher crude oil prices, while investors await key U.S. data.
September futures for the S&P/TSX index rose 0.6% at 6:20 a.m. ET (10:20 GMT).
The focus is on the energy industry as oil prices are rising amid concerns about the impact of Hurricane Francine on US production.
The materials sector is expected to rally as gold prices rose amid strong expectations that the Federal Reserve will cut interest rates next week. Meanwhile, copper prices rose to their highest in more than a week on pent-up demand from China.
Across the border, Wall Street futures closed slightly higher after Wednesday’s sell-off.
Although US inflation data was mixed, indicating that the Federal Reserve would cut interest rates by 25 basis points at its September 18 meeting, investors who expected a more substantial rate cut were disappointed.
Investors will now focus on more data from the United States, with the producer price index and weekly jobless claims reports expected at 8:30 a.m. ET.
For more than a year, the Federal Reserve has successfully tamed inflation by maintaining tight lending conditions within a range of 5.25%-5.5%.
In corporate news, Canadian convenience store operator Alimentation Couche-Tard (ATD.TO) is in talks with Japan’s Seven & I Holdings.(3382.T) , Bloomberg reported on Thursday .
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Gold: $2,519.92; +0.34%
US crude oil: $68.57; +1.87%
Brent crude oil: $71.85; +1.76%
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