CANADA STOCKS-Toronto stock futures steady ahead of inflation data

Australian dollars in Sydney, Friday, Jan. 15, 2016. (AAP Image/Joel Carrett) NO ARCHIVING

Aug 18 (Reuters) – Canadian stock index futures steadied on Wednesday ahead of the release of consumer price data that is likely to offer clues on the Bank of Canada’s monetary policy outlook.

Futures on the S&P/TSX index were flat at 7:12 a.m. ET, with global markets also stabilising after a selloff earlier this week on concerns about slowing global growth.

The data, released by Statistics Canada at 8:30 a.m. ET, is likely to show annual inflation rose to 3.4% in July from 3.1% in June, according to a forecast of analysts polled by Reuters.

The data comes against the backdrop of expectations that Canada’s central bank will start hiking interest rates before the U.S. Federal Reserve.

The benchmark S&P/TSX composite index hit a two-week low on Tuesday as the spreading Delta variant of the coronavirus contributed to a more uncertain outlook for global economic growth and interest rates.

Dow e-minis were down 39 points, or 0.11%, while S&P 500 e-minis were down 1.75 points, or 0.04% and Nasdaq 100 e-minis were up 23.75 points, or 0.16%.

TOP STORIES

Canada plans to resume military flights to Afghanistan to evacuate civilians as the United States regains control of the Kabul airport, the Canadian Armed Forces said late on Tuesday.

A cybersecurity flaw in a software designed by BlackBerry Ltd could put at risk cars and medical equipment that use it and expose highly sensitive systems to attackers, the U.S. drugs regulator and a federal agency said on Tuesday.

Canadian pot producer Tilray Inc said on Tuesday it will buy convertible debt of struggling U.S. rival MedMen Enterprises Inc for about $166 million in a deal with partners, giving it a pathway to enter the United States.

ANALYST RESEARCH HIGHLIGHTS

Doman Building Materials Group Ltd: Canaccord Genuity cuts to “hold” from “buy”

Medexus Pharmaceuticals Inc: Canaccord Genuity cuts to “hold” from “speculative buy”

Ayr Wellness Inc: Jefferies raises target price to C$84 from C$80

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1,786.5; +0.06%

US crude: $67.26; +1.02%

Brent crude: $69.82; +1.16%

U.S. ECONOMIC DATA

0830 Building permits: number for Jul: Expected 1.610 mln; Prior 1.594 mln

0830 Build permits: change mm for Jul: Prior -5.3%

0830 Housing starts number for Jul: Expected 1.600 mln; Prior 1.643 mln

0830 House starts mm: change for Jul: Prior 6.3%

1000 Payrolls b’mark NSA preliminary for 2021: Prior -121,000

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory

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