TSX futures rise ahead of US Fed minutes, economic data
July 3 (Reuters) -Futures linked to Canadian stocks climbed on Wednesday as commodity prices gained, while investors awaited U.S. economic data and the minutes of the Federal Reserve's last policy meeting for more hints on its interest-rate trajectory.
The S&P/TSX 60 futures SXFcv1 rose 0.71% by 07:02 a.m. ET (1102 GMT).
The materials sector was set for a positive session as gold prices XAU= firmed against a weak dollar after Fed Chair Jerome Powell's dovish comments. GOL/
Copper prices also jumped, helped by renewed expectations for U.S. rate cuts and supply jitter that offset the grim outlook for metal demand from China. MET/L
Oil futures CLc1, LCOc1 remained steady as industry data showed a bigger-than-expected draw in U.S. crude stockpiles, while economic headwinds from China and the euro zone capped gains. O/R
Wall Street futures were also up after the S&P 500 .SPX and Nasdaq .IXIC notched record close in the previous session, driven by gains in Tesla and megacap growth stocks. .N
Investors will now watch out for weekly jobless claims and private payrolls data in the United States before the bell, while also monitoring services activity data from S&P Global at 9:45 a.m. ET.
Markets will also keep an eye on the minutes of the Fed's policy meeting on June 11-12, expected at 2 p.m. ET, which could offer more clues on the timing of the U.S. central bank's first interest rate cut.
The U.S. equity market will close early on Wednesday and stay shut on Thursday on account of the country's Independence Day, keeping trading volumes thin throughout the week.
In corporate news, Lundin Mining LUN.TO said it completed the transaction to increase its ownership in the Chile-based Caserones copper-molybdenum mine to 70%.
COMMODITIES
Gold XAU=: $2347.80; +0.80% GOL/
US crude CLc1: $82.88; +0.08% O/R
Brent crude LCOc1: $86.37; +0.15% 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 = 1.3677 Canadian dollars)
Reporting by Nikhil Sharma; Editing by Shreya Biswas
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