CANADA STOCKS-TSX futures rise on commodity strength; focus on Jackson Hole

Aug 25 (Reuters) – Futures for Canada’s commodity-heavy stock index tracked gains in oil and gold prices on Thursday, with investor’s closely watching the central bankers gathering at Jackson Hole for cues on monetary policy outlook.

Futures on the S&P/TSX index were up 0.5% at 7:13 a.m. ET (11:13 GMT).

Oil prices steadied as OPEC+ mulled supply cuts, while gold prices advanced 0.7% as dollar dipped ahead of the closely watched economic symposium, which starts on Thursday.

Of particular interest is Federal Reserve Chair Jerome Powell’s speech on Friday, with investors interested to know whether the central bank would send a clear message on interest rates amid rising concerns of a recession.

Canadian Imperial Bank of Commerce beat analysts’ estimates for third-quarter profit, which declined from a year earlier as higher expenses and provisions for credit losses outweighed strong lending growth, and as capital markets earnings fell.

Those factors weighed on Royal Bank of Canada (RBC) , the country’s biggest lender, last quarter as it missed analyst estimates for profit.

Dow e-minis were up 116 points, or 0.35%, at 7:13 a.m. ET, while S&P 500 e-minis were up 25.25 points, or 0.61% and Nasdaq 100 e-minis were up 103.25 points, or 0.8%.

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Canadian markets directory (Reporting by Aniruddha Ghosh in Bengaluru; Editing by Sriraj Kalluvila)

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