TSX futures rise, Fed Chairman Powell’s speech anticipated by Reuters

(Reuters) – Futures on Canada’s main stock index rose on Friday as crude oil and metal prices rose as investors awaited a speech by U.S. Federal Reserve Chairman Jerome Powell later in the day.

September S&P/TSX futures were up 0.6 percent at 6:26 a.m. ET (10:26 a.m. GMT).

The energy sector is expected to be in focus as oil prices rose, although they are on course for a weekly loss. (OR)

The materials sector is likely to be affected as gold prices have risen, while prices have also risen. (GOL/) (MET/L)

Investors will watch Powell’s comments at the Jackson Hole Economic Symposium at 10:00 a.m. ET for clues about the U.S. interest rate easing cycle, especially after policymakers’ recent comments supporting lower borrowing costs.

After seeing US policy rates at 5.25% to 5.50% for over a year, market participants expect a 25 basis point cut at next month’s Fed meeting.

In Canada, retail sales figures expected at 8:30 a.m. ET could raise the possibility of a third straight interest rate cut by the Bank of Canada, following data this week that showed annual inflation at a low of 40 months.

Meanwhile, major Canadian banks are due to report their quarterly numbers next week.

The S&P/TSX composite ended Thursday after posting a record high close in the previous session.

In corporate news, the Teamsters union said workers at Canadian National Railway (TSX: ) will return to work after the government moved to end a lockout that has threatened the economy.

However, the work stop at Canadian Pacific (NYSE: ) Kansas City is expected to continue.

commodities

Gold: $2,497.42; +0.57% (GOL/)

US crude: $73.68; +0.92% (O/R)

: $77.83; +0.79% (O/R)

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(1 USD = 1.3583 Canadian dollars)