August 26 (Reuters) - Stock futures pointed to a flat opening for Canada’s main stock index on Friday as investors awaited a speech by U.S. Federal Reserve Chair Janet Yellen for a clearer picture on U.S. rate hikes.
Investors were wary of Yellen hinting at a near-term interest rate hike, which could divert some of the liquidity that has underpinned riskier assets worldwide, though others predicted she would strike a more equivocal note.
September futures on the S&P TSX index were down 0.05 percent at 7:15 a.m. ET.
Canada’s main share index edged higher on Thursday as the materials group pared some recent losses before the start of a global central bankers’ gathering and Canadian Imperial Bank of Commerce rose after better-than-expected earnings.
Dow Jones Industrial Average e-mini futures were down 0.02 percent at 7:15 a.m. ET. S&P 500 e-mini futures were unchanged and Nasdaq 100 e-mini futures were down 0.05 percent.
Canadian miner Kinross Gold Corp said it has suspended operations at its Maricunga gold mine in Chile, and will lay off 300 employees after a judicial decision upheld a regulator’s move to shut down the water system linked to the mine.
ANALYST RESEARCH HIGHLIGHTS
CIBC : National Bank Financial raises target to C$98 from C$95; rating “underperform”
Polaris Infrastructure : Canaccord Genuity raises target to C$18.50 from C$12
Toronto-Dominion Bank : National Bank Financial raises target to C$61 from C$60
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1323.1; +0.23 percent
US crude : $47.13; -0.42 percent
Brent crude : $49.35; -0.64 percent
LME 3-month copper : $4642; +0.35 percent
U.S. ECONOMIC DATA DUE ON FRIDAY
0830 Advance Wholesale Inventory for July: Prior 0.3
0830 Advance Retail Inventory Ex Auto for July: Prior 0.2
0830 Advance goods trade balance for July: Prior -64.54 bln
0830 Corporate profits preliminary for Q2: Prior 8.1 pct
0830 GDP 2nd estimate for Q2: Expected 1.1 pct; Prior 1.2 pct
0830 GDP sales preliminary for Q2: Expected 2.4 pct; Prior 2.4 pct
0830 GDP cons spending preliminary for Q2: Prior 4.2 pct
0830 GDP deflator preliminary for Q2: Expected 2.2 pct; Prior 2.2 pct
0830 Core PCE prices preliminary for Q2: Expected 1.7 pct; Prior 1.7 pct
0830 PCE prices preliminary for Q2: Expected 1.9 pct; Prior 1.9 pct
1000 U Mich Sentiment Final for August: Expected 90.6; Prior 90.4
1000 U Mich Conditions Final for August: Expected 107.4; Prior 106.1
1000 U Mich Expectations Final for August: Expected 81.0; Prior 80.3
1000 U Mich 1year inflation final for August: Prior 2.5 pct
1000 U Mich 5-year inflation final for August: Prior 2.6 pct
1030 ECRI Weekly Index: Prior 137.8
1030 ECRI weekly annualized: Prior 8.4 pct
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Reuters global stocks poll for Canada
Canadian markets directory ($1 = C$1.29) (Reporting by Sai Sharanya Khosla in Bengaluru; Editing by Saumyadeb Chakrabarty)
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