2023-09-14 11:49:19
Futures contracts for Canada’s main stock index rose Thursday as crude oil prices hit their highest level in 2023, boosting underlying stocks, while a moderate rise in U.S. inflation bolstered bets for a pause in rate hikes in September by the US Federal Reserve.
September futures on the S&P/TSX index were up 1.1% as of 7:19 am ET (1119 GMT).
Energy stocks are set to get a boost following oil rebounded on Thursday as expectations of tighter global crude supplies for the rest of the year overshadowed concerns regarding slowing economic growth and the increase in American stocks. [O/R]
Copper prices firmed as China’s measures to support economic recovery helped ease price pressures from high inventories [MET/L].
Markets will also look for additional clues regarding the Fed’s interest rate path when August producer price and retail sales data and weekly jobless claims are released at 8:30 a.m. AND. Markets are also awaiting interest rate decisions in the Eurozone and China.
Growing optimism regarding a pause in interest rate hikes in September also lifted U.S. futures on Thursday following data showed that the annual rise in core consumer prices, excluding food prices, food and energy, was the weakest in almost two years. [.N]
Traders see a 97% chance that the Fed will hold rates in September and a nearly 60% chance that it will pause in November, according to the CME’s FedWatch tool.
The Toronto Stock Exchange’s S&P/TSX Composite Index ended up 55.86 points, or 0.3%, at 20,278.94 on Wednesday, adding to gains from the previous two sessions.
COMMODITIES AT 7:19 a.m. ET
Gold futures: $1,911.7; +0.1% [GOL/]
US crude: $89.7; +1.3% [O/R]
Brut Brent : 93,04 $ ; +1,3% [O/R]
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($1= C$1.3514)
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