TSX futures rebound after heavy losses in previous session
Sept 22 (Reuters) -Canada's TSX futures rose on Friday, boosted by an uptick in prices of most commodities, but stocks were set for weekly declines after logging their worst day in a year in the previous session.
September futures on the S&P/TSX index SXFc1 were up 0.4% at 7:15 a.m. ET (1115 GMT).
Energy and material stocks are expected to get a boost, with gold prices on track to snap a three-day losing streak while copper prices firmed above their weakest level in nearly four months. MET/L GOL/
Oil prices also edged up as Russia's fuel export ban offset demand worries. O/R
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 423.07 points, or 2.1%, at 19,791.62, its lowest closing level since Aug. 24 and its biggest decline since September 2022. .TO
Global stocks took a hit on Thursday after the U.S. Federal Reserve's hawkish stance added to investor worries that higher borrowing costs will derail economic growth.
Investors will now focus on Canada'sdomestic retail sales data for July, due at 08:30 a.m. ET, and is expected to show a rise in sales by 0.4%, according to a Reuters poll of economists.
Money markets will also monitor the flash reading of the S&P Global manufacturing and services PMI in the U.S. for September shortly after the opening bell for more clues on the path for interest rates and the health of the U.S. economy.
Futures tracking Wall Street's main indexes inched up on Friday after concerns over interest rates battered stocks in the prior session. .N
Canada's biggest steelmaker Stelco Holdings STLC.TO is pursuing a bid for U.S. Steel Corp X.N, Bloomberg News reported on Thursday.
COMMODITIES AT 7:15 a.m. ET
Gold futures GCc2: $1,926.6; +0.3% GOL/
US crude CLc1: $90.57; +1.1% O/R
Brent crude LCOc1: $94.09; +0.9% O/R
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report .TO
Canadian dollar and bonds report CAD/ CA/
Reuters global stocks poll for Canada EQUITYPOLL1, EPOLL/CA
Canadian markets directory CANADA
($1= C$1.3447)
Reporting by Khushi Singh in Bengaluru; Editing by Tasim Zahid
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