August 23, 2019 / 11:37 AM / a month ago

CANADA STOCKS-Futures rise ahead of U.S. Fed chair's speech

Aug 23 (Reuters) - Canada’s stock futures edged higher on Friday, in line with global stock markets, as investors looked to Federal Reserve Chair Jerome Powell’s speech to find out whether the U.S. central bank will deliver more rate cuts this year.

Powell is due to speak at 10 a.m. ET at a gathering of central bankers in Jackson Hole, Wyoming.

September futures on the S&P/TSX index were up 0.12% at 7:00 a.m. ET.

Canada’s retail sales data for June is due at 8:30 a.m. ET.

The Toronto Stock Exchange S&P/TSX composite index fell 0.34% to 16,253.46 on Thursday.

Dow Jones Industrial Average e-mini futures were up 0.21% at 7:00 a.m. ET, S&P 500 e-mini futures up 0.26% and Nasdaq 100 e-mini futures 0.33%.

TOP STORIES

Canadian house prices will be flat this year, but will pick up in 2020, driven by lower mortgage rates and solid domestic economic conditions, according to economists and property market analysts polled by Reuters.

ANALYST RESEARCH HIGHLIGHTS

Alimentation Couche-Tard Inc: Desjardins raises rating to buy from hold; raises target price to C$88 from C$87

Empire Company Ltd: BMO raises target price to C$42 from C$36

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1494.8; -0.26%

US crude: $55.43; +0.14%

Brent crude: $59.89; -0.05%

U.S. ECONOMIC DATA DUE ON FRIDAY

0800 (approx.) Build permits number for July: Prior 1.336 mln

0800 (approx.) Build permits R change mm for July: Prior 8.4%

1000 New home sales-units for July: Expected 0.649 mln; Prior 0.646 mln

1000 New home sales change mm for July: Expected -0.2%; Prior 7.0%

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory ($1=C$1.33) (Reporting by Pathikrit Bandyopadhyay in Bengaluru; Editing by Shinjini Ganguli)

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