(Reuters) - Canada's main stock index futures were flat on Tuesday, as gains in gold were offset by falling crude prices, while markets awaited the domestic inflation data for more clues on the next move by the Bank of Canada (BoC).
The S&P/TSX 60 futures were down 0.04% by 06:21 a.m. ET (1021 GMT). The benchmark index extended its record rally on Monday boosted by gains in energy shares.
All eyes will be on Canada's consumer prices index (CPI) reading at 8:30 a.m. ET, which is likely to show consumer inflation moderated slightly in June on a yearly basis, while remaining flat on a monthly basis.
Money markets currently see an 85% possibility of an interest rate cut by the BoC in its next policy meeting on July 24.
Among sectors, the energy was set for a negative start on Tuesday as oil prices fell on fragile demand concerns from top consumer China, fueled by a slower-than-expected economic growth in the world's second-largest economy. [O/R]
Gold prices firmed, set to lift the materials sector, as comments from the U.S. Federal Reserve Chair Jerome Powell further backed the case for a rate cut in September. Meanwhile, copper prices fell on China's weak economic data. [GOL/] [MET/L]
Fed Chair said on Monday a recent string of data "add somewhat to confidence" that inflation was easing and suggested rate cuts may not be far off.
The focus will also be on U.S. retail sales numbers at 8:30 a.m. ET to gauge the trajectory of inflation in the U.S.
In corporate news, Canadian miner Teck Resources on Monday amended its cash tender offers by increasing the maximum purchase amount to approximately $1.38 billion from $1.25 billion.
COMMODITIES
Gold: $2441.67; +0.81% [GOL/]
US crude: $81.22; -0.8% [O/R]
Brent crude: $84.22; -0.7% [O/R]
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($1 = 1.3683 Canadian dollars)
(Reporting by Nikhil Sharma; Editing by Vijay Kishore)
