(Reuters) -Futures tracking Canada’s main stock index slipped on Monday after the index hit a record high in the previous session, kicking off a week packed with economic data and U.S. tech earnings.
The futures on the S&P/TSX index fell 0.26% by 05:38 a.m. ET (0938 GMT).
The S&P/TSX composite index closed at an all-time high of 28333.13 on Friday after the U.S. Federal Reserve Chair Jerome Powell’s remarks left room for potential interest rate cuts.
On Monday, oil prices steadied as traders fretted over potential Russian supply disruptions by more U.S. sanctions and Ukrainian attacks. [O/R]
Gold slipped from a near two-week high as the dollar strengthened, but rising U.S. rate cut bets limited the decline. [GOL/]
Powell at the Fed’s annual Jackson Hole symposium on Friday acknowledged the growing risks to the job market, while also noting inflationary threats.
The Fed’s preferred inflation gauge, the PCE deflator, due on Friday, could allow it to monitor price pressures before making a move next month.
Major brokerages, including Barclays, BNP Paribas and Deutsche Bank, now expect a 25-basis-point rate cut in September.
Chipmaker Nvidia’s results on Wednesday could determine the future of the tech-driven rally.
Other major U.S. data this week include weekly jobless claims figures and second-quarter gross domestic product estimates.
In Canada, second-quarter GDP numbers on Friday will be watched to gauge the impact of tariffs on the economy.
In corporate news, many Air Canada flight attendants are unhappy with wage hikes in a tentative deal, which may fail to secure union approval, Reuters reported on Friday, citing cabin crew and a source familiar with the matter.
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($1 = 1.3824 Canadian dollars)
(Reporting by Nikhil Sharma; Editing by Sahal Muhammed)
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