August 29 (Reuters) - Stock futures pointed to a flat opening for Canada’s main stock index on Monday as investors assessed hawkish comments from senior U.S. Federal Reserve officials that indicated a U.S. interest rate hike was on the cards in the near term.
Fed Chair Janet Yellen told a global monetary policy conference on Friday that the case for a rate increase had grown stronger, while Fed Vice Chair Stanley Fischer suggested a move could come at the central bank’s September policy meeting if the economy was doing well.
Although U.S. government data earlier on Friday showed sluggish economic growth in the second quarter, Yellen said a lot of new jobs were being created and economic growth would likely continue at a moderate pace.
September futures on the S&P TSX index were down 0.06 percent at 7:15 a.m. ET.
Canada’s main stock index edged higher in a seesaw session on Friday in the wake of Fed officials’ comments, led by financial and industrial stocks.
Dow Jones Industrial Average e-mini futures were up 0.01 percent at 7:15 a.m. ET. S&P 500 e-mini futures were up 0.02 percent and Nasdaq 100 e-mini futures were up 0.01 percent.
The union representing most Canadian autoworkers has voted for a strike mandate, it said on Sunday, bolstering its position in contract negotiations with the Big Three U.S. carmakers.
Goldcorp Inc’s stock could rise 40 percent, even without support from rising precious-metals prices, as the miner’s cost-cutting efforts begin to show, according to a Barron’s report on Sunday.
ANALYST RESEARCH HIGHLIGHTS
Blackberry : JP Morgan raises target price to $8 from $7; “rating neutral”
Cascades Inc : CIBC raises to “sector outperformer” from “sector underperformer”; raises target price to C$12.00 from C$8
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1315; -0.49 percent
US crude : $46.99; -1.36 percent
Brent crude : $49.23; -1.38 percent
LME 3-month copper : $4615.15; -0.23 percent
U.S. ECONOMIC DATA DUE ON MONDAY
0830 Personal consumption real mm for July: Prior 0.3 pct
0830 Personal income mm for July: Expected 0.4 pct; Prior 0.2 pct
0830 Consumption, adjusted mm for July: Expected 0.3 pct; Prior 0.4 pct
0830 Core PCE price index mm for July: Expected 0.1 pct; Prior 0.1 pct
0830 Core PCE price index yy for July: Prior 1.6 pct
0830 PCE price index mm for July: Prior 0.1 pct
0830 PCE price index yy for July: Prior 0.9 pct
1030 Dallas Fed Manufacturing Business Index for Aug: Prior -1.30
1300 Dallas fed PCE for July: Prior 1.0 pct
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Reuters global stocks poll for Canada
Canadian markets directory ($1 = C$1.30) (Reporting by Sai Sharanya Khosla in Bengaluru; Editing by Saumyadeb Chakrabarty)
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