TSX futures steady as investors eye CPI data for clues on BoC rate path

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3 days ago

(Reuters) -Futures tied to Canada's main stock index held steady on Tuesday, as investors awaited inflation data that could shape expectations for a potential rate cut by the country's central bank.
The futures on the S&P/TSX index were up 0.12% as of 05:33 a.m. ET (0933 GMT), signaling a steady start to the S&P/TSX composite index after it ended marginally higher in the prior session.
Economists polled by Reuters expect Canada's consumer price index report, due at 08:30 a.m. ET, to show a moderation in the annual inflation rate to 1.8% last month from 1.9% in June.
The anticipated slowdown in inflation could incentivise the Bank of Canada to resume its policy easing cycle. The BoC had kept the benchmark rate on hold at 2.75% since March.
Traders' bets, however, support a "hold" verdict at the central bank's September policy meeting, with odds for a cut standing at 31.4%.
In corporate news, Air Canada's unionized flight attendants have reached an agreement with the country's largest carrier to end a strike, which had forced the airline to cancel flights and suspend its third-quarter and 2025 forecasts.
Contact lens maker Bausch + Lomb said Brett Icahn and Gary Hu resigned from its board after termination of an agreement with billionaire investor Carl Icahn and certain affiliates.
In commodities, oil prices slipped as investors evaluated a potential end to the war in Ukraine, which could lead to an end to sanctions on Russian crude. [O/R]
Gold prices steadied ahead of the U.S. Federal Reserve's Jackson Hole symposium later this week for insights into the U.S. interest rate trajectory, while copper traded in a tight range. [GOL/] [MET/L]
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($1 = 1.3818 Canadian dollars)