TSX futures rise on higher commodity prices by Reuters

(Reuters) – Futures on Canada’s main stock index rose on Monday on higher crude oil and metals prices, while investors on Friday cheered comments from the chairman of the U.S. Federal Reserve that supported the start of the interest rate cut cycle in September.

September S&P/TSX futures were up 0.1 percent at 6 a.m. ET (10 a.m. GMT).

The energy sector remained in focus as oil prices rose on possible supply disruptions amid fears that the conflict in Gaza will spill over into the Middle East. (OR)

The materials sector was also in focus after gold prices strengthened against a weaker dollar and lower Treasury yields, while prices also rose to a three-week high. (GOL/) (MET/L)

The S&P/TSX composite hit a record close on Friday after comments from Fed Chairman Jerome Powell supporting the start of interest rate cuts in the United States while acknowledging that inflation was within reach of its 2% target.

After holding lending terms at 5.25% to 5.50% for over a year, traders expect a 25 basis point cut at the Fed’s policy meeting next month.

Across the border, the focus will be on US personal consumption and core inflation numbers expected later in the week, along with Nvidia’s (NASDAQ: ) Q2 results on Wednesday.

Meanwhile, at home, the Canadian Industrial Relations Board ordered an end to work stoppages at the country’s largest railways, which posed a threat to Canada’s export-based economy.

Among major earnings, major lenders such as Bank of Nova Scotia, Royal Bank of Canada and National Bank of Canada (OTC:) are expected to report quarterly results this week.

commodities

Gold: $2,525.8; +0.6% (GOL/)

US crude: $75.72; +1.2% (O/R)

: $79.91; +1.1% (O/R)

FOR CANADIAN MARKETS NEWS, CLICK ON THE CODES:

TSX Market Report ()

Canadian dollar to bond ratio (CAD/) (CA/)

Reuters Global Stock Market Survey for Canada

Canadian Markets Directory

($1 = 1.3506 Canadian dollars)