CANADA STOCKS-TSX futures pause after record high; eyes on US inflation

Reuters
09/11
CANADA STOCKS-TSX futures pause after record high; eyes on US inflation

Sept 11 (Reuters) - Futures tied to Canada's main stock index were flat on Thursday as investors paused after the index logged another record closing high in the previous session, and awaited key U.S. inflation data expected to influence the Federal Reserve's monetary policy.

Futures on the S&P/TSX index SXFcv1 gained 0.05% to 1,725.60 points by 06:01 a.m. ET (1001 GMT). The benchmark index notched another record high on Wednesday as higher commodity prices boosted resource shares, a day after the announcement of the second-largest M&A deal ever in the mining sector.

The $53 billion merger announced on Tuesday between London-listed miner Anglo American AAL.L and Canada's Teck Resources TECKb.TO marks a breakthrough after years of failed consolidation efforts in the mining sector, helping keep markets near record highs since the deal was unveiled.

Investors will focus on the U.S. consumer prices data later in the day, with inflation expected to have picked up in August.

Recent economic indicators have showed continued labor market weakness, which prompted investors to fully price in at least a 25-basis-point rate cut at the Federal Reserve's September 16–17 meeting. .N

In commodities, oil prices held steady while gold and copper prices edged lower on Thursday.

In corporate news, Barrick Mining ABX.TO said on Wednesday it will sell its Hemlo gold mine in Ontario, its last producing gold mine in its home country Canada, to Carcetti Capital CARTh.V for up to $1.09 billion.

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(Reporting by Sanchayaita Roy in Bengaluru; Editing by Sahal Muhammed)

((Sanchayaita.Roy@thomsonreuters.com;))

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