September futures on the S&P/TSX index were up 0.6% at 6:26 a.m. ET (10:26 GMT).
The energy sector is expected to be in focus as oil prices edged higher, though poised to register a weekly loss. [O/R]
The materials sector is likely to be impacted as gold prices inched up, while copper prices also gained. [GOL/] [MET/L]
Investors will follow Powell’s commentary at the Jackson Hole Economic Symposium at 10:00 a.m. ET for clues on the U.S. interest-rate easing cycle, especially after recent dovish comments from policymakers backing reduction in borrowing costs.
After seeing the U.S. policy rates at 5.25% to 5.50% for over a year, market participants widely expect a 25-basis points reduction at the Fed’s meeting next month.
In Canada, retail sales numbers expected at 8:30 a.m. ET could bolster the possibility of a third consecutive rate cut by the Bank of Canada, following this week’s data that showed annual inflation at a 40-month low.
Meanwhile, major Canadian banks are set to report their quarterly numbers next week.
The S&P/TSX composite index ended lower on Thursday, after posting a record closing high in the previous session.
In corporate news, the Teamsters union said workers at Canadian National Railway (TSX:CNR) will return to work after the government moved to end the lockout that threatened the economy.
However, work stoppage at Canadian Pacific (NYSE:CP) Kansas City is expected to continue.
COMMODITIES
Gold: $2,497.42; +0.57% [GOL/]
US crude: $73.68; +0.92% [O/R]
Brent crude: $77.83; +0.79% [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
Canadian markets directory
($1 = 1.3583 Canadian dollars)
Source: Economy - investing.com
