(Reuters) – Futures for Canada’s main index edged higher on Monday, setting stocks for a rebound after a sharp selloff last week, driven by a rise in oil and precious metal prices, while investors await Federal Reserve Chair Jerome Powell’s Jackson Hole speech.
September futures on the S&P/TSX index were up 0.6% at 6:13 a.m. ET (1013 GMT).
Stocks on Friday posted their biggest weekly decline since March amid concerns that a prolonged period of high interest rates could crimp company valuations. The benchmark index was down 2.9% in the last week. [.TO]
Oil prices rose as global supply tightened with lower exports from Saudi Arabia and Russia, offsetting nagging concerns about global demand growth amid high interest rates. [O/R]
Gold prices, too, held above five-month lows after declining for five consecutive sessions, as investors saddled up for a gathering of central bankers in Jackson Hole, Wyoming, this week for an outlook on the economy and interest rates. [GOL/]
U.S. futures also rose on Monday as focus turned to an upcoming gathering of central bankers in Jackson Hole for clues on the interest rate path as well as earnings from first trillion dollar-chipmaker Nvidia later in the week. [.N]
Investors will keep a close eye on the retail sales data for June on Wednesday to assess the strength of Canadian consumer spending against the backdrop of high interest rates.
Prime Minister Justin Trudeau said on Sunday that Canada is sending the military to tackle fast-spreading wildfires in British Columbia as the western province deals with flames that have led to evacuation orders for more than 35,000 people.
COMMODITIES AT 6:13 a.m. ET
Gold futures: $1,890.2; +0.1% [GOL/]
US crude: $82; +0.9% [O/R]
Brent crude: $85.44; +0.8% [O/R]
(Reporting by Shubham Batra in Bengaluru; Editing by Shilpi Majumdar)
Brought to you by www.srnnews.com