July 10 (Reuters) - Futures in Canada's main stock index reversed course to trade higher on Wednesday as hopes of an interest rate cut rose after U.S. Federal Reserve Chairman Jerome Powell said the central bank would "act as appropriate" to sustain a decade-long expansion.
Meanwhile, Bank of Canada is scheduled to release its rate decision at 10:00 am ET. The central bank is expected to keep rates steady at 1.75%, according to a Reuters poll of economists. will also closely watch Fed Chairman Powell's testimony before the U.S. House of Representatives Financial Services Committee at 10:00 a.m. ET. in the day, the Fed is due to release the minutes from its last policy meeting, in which officials edged toward a rate cut.
September futures on the S&P/TSX index SXFc1 were up 0.26% at 8:47 a.m. ET.
The Toronto Stock Exchange's S&P/TSX .GSPTSE rose 82.26 points, or 0.50 percent, to 16,545.21 on Tuesday. Jones Industrial Average e-mini futures 1YMc1 were up 0.43% at 8:47 a.m. ET, while S&P 500 e-mini futures ESc1 were up 0.45% and Nasdaq 100 e-mini futures NQc1 were up 0.78%. .N
TOP STORIES TOP/CAN
Convenience store operator Alimentation Couche-Tard Inc ATDb.TO missed analysts' estimates for quarterly profit on Tuesday due to lower fuel sales across North America and Europe as well as higher expenses. Bombardier Inc BBDb.TO is laying off half of the 1,100 workers at its Thunder Bay, Ontario, railway car plant, BNN Bloomberg reported on Tuesday, citing a federal government source. RESEARCH HIGHLIGHTS RCH/CA
Centerra Gold Inc CG.TO : Credit Suisse (SIX:CSGN) raises target price to C$10 from C$8
Premium Brands Holdings Corp PBH.TO : Desjardins raises rating to buy from hold
Transalta Renewables RNW.TO : National Bank of Canada raises target price to C$13.25 from C$13
COMMODITIES AT 8:47 a.m. ET COM/WRAP
Gold futures GCc2 : $1,412.7; +0.87% GOL/
US crude CLc1 : $59.14; +2.27% O/R
Brent crude LCOc1 : $65.7; +2.4% O/R
U.S. ECONOMIC DATA DUE ON WEDNESDAY
1000 Wholesale inventory, R mm for May: Expected 0.4%; Prior 0.4%
1000 Wholesale sales mm for May: Expected 0.0%; Prior -0.4%
1100 TR IPSOS PCSI for Jul: Prior 62.83
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TSX market report .TO
Canadian dollar and bonds report CAD/ CA/
Reuters global stocks poll for Canada EQUITYPOLL1 EPOLL/CA
Canadian markets directory CANADA
($1= C$1.31)