August 22, 2019 / 11:42 AM / a month ago

CANADA STOCKS-Futures flat as U.S. rate cut doubts keep investors on edge

Aug 22 (Reuters) - Futures for Canada's main stock index were little changed on Thursday as doubts about a fresh cycle of U.S. rate cuts offset a rise in crude oil prices.

Minutes of the Federal Reserve July meeting, released on Wednesday, showed policymakers were divided over whether to cut interest rates but united in wanting to signal they were set on more cuts.

Oil rose further above $60 a barrel on Thursday, supported by a drop in U.S. crude inventories and OPEC-led supply cuts, although worries about the global economy weighed.

September futures on the S&P/TSX index were up 0.02% at 7:00 a.m. ET.

Canada's wholesale trade data for June is due at 08:30 a.m. ET.

The Toronto Stock Exchange S&P/TSX composite index rose 0.59% to 16,309.23 on Wednesday.

Dow Jones Industrial Average e-mini futures were down 0.14% at 7:00 a.m. ET, while S&P 500 e-mini futures were down 0.15% and Nasdaq 100 e-mini futures were down 0.27%.

TOP STORIES

Canadian Imperial Bank of Commerce beat analysts' estimates for quarterly profit, as gains in domestic retail and U.S. commercial banking overshadowed a weak capital markets business.

ANALYST RESEARCH HIGHLIGHTS

Kinder Morgan Canada Ltd: RBC raises price target to C$15 from C$14

Royal Bank Of Canada: CIBC cuts target price to C$109 from C$110

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1496.7; -0.62 percent

US crude: $56.01; +0.59 percent

Brent crude: $60.66; +0.6 percent

U.S. ECONOMIC DATA DUE ON THURSDAY

0830 Initial jobless claims: Expected 216,000; Prior 220,000

0830 Jobless claims 4-week average: Prior 213,750

0830 Continued jobless claims: Expected 1.700 mln; Prior 1.726 mln

0945 Markit Composite Flash PMI for Aug: Prior 52.6

0945 Markit Manufacturing PMI Flash for Aug: Expected 50.5; Prior 50.4

0945 Markit Services PMI Flash for Aug: Expected 52.8; Prior 53

1000 (approx.) Leading index change mm for Jul: Expected 0.2%; Prior -0.3%

1100 KC Fed Manufacturing for Aug: Prior -6

1100 KC Fed Composite Index for Aug: Prior -1

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 Saumyadeb Chakrabarty)

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