TSX futures rise ahead of US payrolls data, Fed minutes
Aug 21 (Reuters) -Futures linked to Canada's main stock index bounced back on Wednesday as oil prices ticked up, while investors awaited U.S. economic data and release of the Federal Reserve's July meeting minutes.
September futures on the S&P/TSX index SXFcv1 were up 0.5% at 6:33 a.m. ET (1033 GMT).
The energy sector was in focus as oil prices steadied, after a session of declines amid fears over fragile demand in China and easing Middle East tensions. O/R
Mining stocks will also be in the limelight as spot gold XAU= traded near record high levels, after a rally backed by Western fund inflows and U.S. rate-cut optimism. GOL/
Investors will keep an eye on the minutes from the Federal Reserve's July monetary policy meeting due later in the day to infer the temperament of policymakers on interest-rate cuts.
Preliminary revisions to U.S. labour data are set to release at 10 a.m. ET, where a large downward revision is expected that could further support rate-cut calls.
Traders also await U.S. Fed Chair Jerome Powell's commentary at the Jackson Hole Economic Symposium on Friday.
The policymaker is expected to acknowledge the case for a September cut, where markets anticipate a 25-basis points reduction. 0#FEDWATCH
Meanwhile, in Canada, investors will parse through monthly producer prices numbers due at 8:30 a.m. ET.
Data on Tuesday showed cooling inflation in the economy, bolstering hopes for a third consecutive rate cut by the Bank of Canada.
In corporate news, Brookfield Asset Management BAM.TO asked banks to backstop nearly $10.6 billion of debt for the potential takeover of Spanish pharmaceutical firm Grifols GRLS.MC, according to a Bloomberg report.
COMMODITIES
Gold XAU=: $2,507.7; -0.2% GOL/
US crude CLc1: $73.64; +0.6% O/R
Brent crude LCOc1: $77.70; +0.6% 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 = 1.3608 Canadian dollars)
Reporting by Nikhil Sharma; Editing by Shreya Biswas
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