TSX futures mirror strength in U.S. peers ahead of Powell speech

(Reuters) – Canadian benchmark stock index futures edged higher on Tuesday, tracking strength in U.S. markets ahead of the Federal Reserve chiefs testimony to the Congress, though weakness in crude prices on concerns around demand from China capped gains.

March futures on the S&P/TSX index were up 0.1% at 7:00 a.m. ET.

Their U.S. peers were also up ahead of Fed Chair Jerome Powell‘s testimony before the Senate Banking Committee at 10:00 a.m. ET, that could shed more light on the central bank’s plans for raising interest rates. [.N]

On Monday, the Toronto Stock Exchanges S&P/TSX composite index closed 0.3% lower, weighed down by commodity-linked stocks after China set a modest annual growth target. [.TO]

On Tuesday, crude oil prices edged lower after trade data from top consumer China pointed to continued weakness in demand for the countrys products during the January-February period. [O/R]

Among stocks, software firm BlackBerry Inc reported a lower-than expected annual sales forecast and also noted that macro challenges during the reported quarter negatively impacted revenue.

Paris-listed Latecoere SA said that the aircraft equipment manufacturer would sell its electrical wiring and interconnection systems business to Bombardier Inc.

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1,847.6; -0.3% [GOL/]

US crude: $80.04; -0.4% [O/R]

Brent crude: $85.77; -0.4% [O/R]

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report [.TO]

Canadian dollar and bonds report [CAD/] [CA/]

Reuters global stocks poll for Canada

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($1 = 1.3630 Canadian dollars)

(Reporting by Johann M Cherian in Bengaluru; Editing by Shailesh Kuber)