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TSX futures rise ahead of Fed chair Powell's testimony

July 9 (Reuters) - Futures linked to Canada's main stock index rose on the back of metal prices on Tuesday, while investors awaited U.S. Federal Reserve Chair Jerome Powell's congressional testimony on monetary policy later in the day.

The S&P/TSX 60 futures were up 0.25% by 06:28 a.m. ET (1028 GMT).

The Toronto Stock Exchange's materials sector was set to re

Oil futures , dipped as fears over supply disruption eased after Hurricane Beryl, which hit major refineries along with the U.S. Gulf Coast, caused minimal impact.

Markets will be heavily focussed on Powell's two-day monetary policy testimony before the Senate Banking Committee, starting at 10 a.m. ET (1400 GMT), which can help investors gauge the Fed's rate-cut path.

Following last week's softer jobs data, market participants are now pricing in a 77% chance of a rate cut by the U.S. central bank in September.

The main macro event for the markets this week will be the U.S. consumer prices data due on Thursday, which can help assess the trajectory of inflation in the world' biggest economy.

Wall Street futures were also up on Tuesday after the S&P 500 (.SPX), opens new tab and Nasdaq (.IXIC), opens new tab touched record closing highs in the previous session.

In Canada, fears of the economy slipping into recession advanced after the latest data showed that the unemployment rate rose to a 29-month high in June.

Traders are now pricing in a 65% chance of another cut by the Bank of Canada, which already trimmed interest rates last month.

In corporate news, Cenovus Energy (CVE.TO), opens new tab said it is demobilizing some staff at its Sunrise oil sands project in northern Alberta as a precaution due to the evolving wildfire situation in the area.

Audi RS e-tron GT intelligent cockpit innovation analysis
RS e-tron GT: Shares J1 platform with Porsche Taycan. The iconic closed hexagonal "big mouth" is quite a brand recognition, and the rear of the car uses a decorative design shaped like a diffuser. Although the difference between it and the regular e-tron GT is very limited, the "RS" nameplate on the rear of the car means that it is not an ordinary person, of course, low-key is also the style of AUD-Sport. The center console continues the family design of the Audi brand, the lines are simple and refined, and the center control screen, the front air conditioning control panel and the function keys below are obviously tilted to the driver's side, echoing the product positioning of the driver's car. Sports seats, leather fabrics with red stitches, etc. appear in the configuration table of the car, rendering the interior sports atmosphere just right, and the overall beauty of the cabin has been affirmed by the reviewers. Although the official model of the cockpit chip selected by the car has not been announced, it has a high score in the evaluation items such as the cold start speed of the car, the start speed of the core application and the navigation search speed, which shows that the car performance is good. In addition, in terms of specifications and accuracy, the car received full marks in the touch accuracy and screen sharpness evaluation, and the daily high-frequency interaction experience is excellent. Of course, if you optimize the voice car control ability, its intelligent experience will be a higher level.
Israeli strike kills a senior Hezbollah commander in south Lebanon
BEIRUT/JERUSALEM July 3 (Reuters) - An Israeli strike killed one of Hezbollah's top commanders in south Lebanon on Wednesday, prompting retaliatory rocket fire by the Iran-backed group into Israel as their dangerously poised conflict rumbled on. The Israeli military said it had struck and eliminated Hezbollah's Mohammed Nasser, calling him commander of a unit responsible for firing from southwestern Lebanon at Israel. Nasser, killed by an airstrike near the city of Tyre in southern Lebanon, was the one of the most senior Hezbollah commanders to die yet in the conflict, two security sources in Lebanon said. Sparked by the Gaza war, the hostilities have raised concerns about a wider and ruinous conflict between the heavily armed adversaries, prompting U.S. diplomatic efforts aimed at deescalation. Israeli Defence Minister Yoav Gallant said Israeli forces were hitting Hezbollah "very hard every day" and will be ready to take any action necessary against the group, though the preference is to reach a negotiated arrangement. Hezbollah began firing at Israeli targets at the border after its Palestinian ally Hamas launched the Oct. 7 attack on Israel, declaring support for the Palestinians and saying it would cease fire when Israel stops its Gaza offensive. Hezbollah announced at least two attacks in response to what it called "the assassination", saying it launched 100 Katyusha rockets at an Israeli military base and its Iranian-made Falaq missiles at another base in the town of Kiryat Shmona near the Israeli-Lebanese border. Israel's Channel 12 broadcaster reported that dozens of rockets were fired into northern Israel from Lebanon. There were no reports of casualties. The Israeli Defence Ministry said that air raid sirens sounded in several parts of northern Israel. Israel's military did not give a number of rockets launched but said most of them fell in open areas, some were intercepted, while a number of launches fell in the area of Kiryat Shmona.
Samsung hit the biggest strike! Over 6,500 people attended.
More than 6,500 employees at South Korea's Samsung Electronics began a three-day mass strike on Monday (July 8), demanding an extra day of paid annual leave, higher pay raises and changes to the way performance bonuses are currently calculated. This is the largest organized strike in Samsung Electronics' more than half century of existence, and the union said that if this strike does not push employees' demands to be met, a new strike may be called. One of the core issues of the current dispute between the labor union and Samsung Electronics is raising wages and increasing the number of paid vacation days. The second demand is a pay rise. The union originally wanted a pay rise of more than 3% for its 855 employees, but last week they changed their demand to include all employees (rather than just 855). The third issue involves performance bonuses linked to Samsung's outsized profits - chip workers did not receive the bonuses last year when Samsung lost about Won15tn and, according to unions, fear they will still not get the money even if the company manages to turn around this year.
Workers warn of additional walkouts unless demands are met
Members of the National Samsung Electronics Union stage a rally near the company's Hwaseong Campus in Gyeonggi Province, Monday, beginning a three-day strike. Korea Times photo by Shim Hyun-chul By Nam Hyun-woo The biggest labor union at Samsung Electronics initiated a three-day strike on Monday, threatening to disrupt the company's chip manufacturing lines unless management agrees to a wage hike and higher incentives. This marks the first strike by unionized workers in the tech giant's 55-year history. The National Samsung Electronics Union (NSEU) claimed that about 4,000 unionized workers from Samsung's plants nationwide participated in a rally at the company's Hwaseong Campus in Gyeonggi Province. Police estimated that approximately 3,000 union members were present at the rally. According to its own survey, the union reported that a total of 6,540 members expressed their intention to participate in the strike. They emphasized that disruptions in manufacturing are anticipated, with over 5,000 members from facility, manufacturing, and development divisions joining the strike. The comments seem to address market expectations that the walkout is unlikely to cause significant disruptions in the chipmaker's operations, largely because most manufacturing lines are automated. The union said that it may launch another strike for an undetermined period, unless management responds to the union’s demand. Since January, the union has been pressing management for a higher wage increase rate for all members, fulfillment of promises regarding paid leave, and improvements to incentive criteria. With negotiations at an impasse, the union announced on May 29 that it would launch a strike. The NSEU has some 30,000 members, accounting for 24 percent of all Samsung employees. Among the union members, about 80 percent work at the device solutions division, which manufactures semiconductors.
NHTSA opens recall query into about 94,000 Jeep Wrangler 4xe SUVs
July 9 (Reuters) - The National Highway Traffic Safety Administration (NHTSA) has opened a recall query into 94,275 Stellantis-owned (STLAM.MI), opens new tab Jeep SUVs over a loss of motive power, the U.S. auto safety regulator said on Tuesday. The investigation targets Jeep's Wrangler 4xe hybrid SUVs manufactured between 2021 through 2024. Chrysler had previously recalled, opens new tab the same model in 2022 to address concerns related to an engine shutdown. A recall query is an investigation opened by safety regulators when a remedy to solve an issue appears inadequate. The complaints noted in the new report include both failures in vehicles that received the recall remedy and those not covered by the prior recall, the NHTSA said.