CANADA STOCKS-TSX futures gain on uptick in crude prices

Aug 30 (Reuters)Futures linked to Toronto’s main stock index edged higher on Wednesday, driven by crude oil prices, while investors braced for a data-heavy week in the U.S. and Canada that could indicate the interest rate hike path for central banks.

September futures on the S&P/TSX index SXFc1 were up 0.1% at 6:50 a.m. ET (1050 GMT).

The TSX benchmark index .GSPTSE closed more than 1% higher on Tuesday as overall market sentiment got a lift after monthly U.S. job openings dropped, bolstering bets around a pause in interest rate hikes by the U.S. Federal Reserve.

Oil prices climbed after industry data showed a large draw in crude inventories in the U.S., and a Category 4 hurricane in the Gulf of Mexico keeping investors on edge.

On the data front, the U.S. ADP National Employment report and second-quarter gross domestic product (GDP) estimate numbers are due later in the day.

In company earnings, National Bank of Canada NA.TO posted a drop in its third-quarter adjusted profit as the lender set aside more capital to cover for potential bad loans.

Along with the National of Bank of Canada, four of the big six Canadian banks – Toronto-Dominion Bank TD.TO, Bank of Nova Scotia BNS.TO and Bank of Montreal BMO.TO have missed third-quarter profit estimates on higher loan provisions.

The only exception has been Royal Bank of Canada RY.TO which beat analysts’ estimates, while Canadian Imperial Bank of Commerce CM.TO is set to report quarterly earnings on Thursday.


Gold futures GCc2: $1,945.7; 0.0% GOL/

US crude CLc1: $81.79; +0.8% O/R

Brent crude LCOc1: $86.03; +0.6% O/R

($1= C$1.3558)

(Reporting by Siddarth S in Bengaluru)


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Check Also

Colin Cowherd_ Steelers Will ‘Delude Themselves’ Believing In Kenny Pickett, Claims Staff Scared To Draft QB Till Massive Ben Retired

After slamming Pittsburgh Steelers QB Kenny Pickett instantly following the crew’s 20-16 win over the …

Leave a Reply

Your email address will not be published. Required fields are marked *