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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.

SpaceX astronaut returns with an incredible change in his body
A provocative new study reveals the complex effects of the space environment on human health, providing insight into potential damage to blood, cell structure and the immune system. The study focused on SpaceX's Inspiration4 mission, which successfully sent two men and two women into space in 2021 to orbit the Earth for three days and shed some light on the effects of space travel on the human body. The research data, derived directly from the Inspiration4 mission, shows that even a brief trip to space can significantly damage the human immune system, trigger an inflammatory response, and profoundly affect cell structure. In particular, space travel triggered unprecedented changes in cytokines that play a key role in immune response and muscle regulation but are not usually directly associated with inflammation. In particular, the study found a significant increase in muscle factors, which are physiological responses specific to skeletal muscle cells in microgravity, rather than a simple immune response. Although non-muscular tissues did not show changes in proteins associated with inflammation, specific leg muscles such as soleus and tibialis anterior muscles showed significant signs of metabolic activity, especially increased interleukin in the latter, further enhancing the activation of immune cells.
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.
South Korean government decides not to punish interns who resign
South Korea's Minister of Health and Welfare Cho Kyu-hong said at a press conference on the 8th local time that after comprehensively considering the suggestions of frontline interns and the situation on the front line of medical care, the government decided that from that day on, all interns and residents who resigned would not be given administrative sanctions such as revoking their medical licenses. Cho Kyu-hong also said that for interns and residents who have returned to work and those who have resigned and are preparing to re-register for internship courses in September, the government will make special cases to try to minimize the internship gap and not affect the relevant doctors from obtaining specialist medical licenses. Cho Kyu-hong said that the government believes that in order to minimize the diagnosis and treatment gaps for critically ill and emergency patients and ensure the smooth training process of interns and residents, it is in the public interest, so it has made a decision not to punish interns and residents who resigned. It is hoped that major hospitals will complete the resignation processing of doctors who have not returned to work before July 15 and determine the scale of vacancies. Previously, large general hospitals in South Korea, such as Seoul National University Hospital, Yonsei University Severance Hospital, and Seoul Asan Medical Center, suspended or limited their medical services in an effort to cancel all penalties against interns and residents.
Microsoft to offer Apple devices to employees in China, cites absence of Android services
July 8 (Reuters) - Microsoft (MSFT.O), opens new tab intends to offer Apple's (AAPL.O), opens new tab iOS-based devices to its employees in China to access authentication apps, a company spokesperson said on Monday, citing absence of Google's (GOOGL.O), opens new tab Android services in the country. Microsoft has been under increased scrutiny after a series of security breaches, the latest being that of Russian hackers who spied and accessed emails of the company's employees and customers earlier this year. The development was first reported by Bloomberg News, which, citing an internal memo, said the Windows OS-maker instructed its employees in China to use Apple devices at workplace from September. As a part of Microsoft's global Secure Future Initiative, the move to switch to iOS-devices stems from the lack of availability of Google Play Store in China that limits its employees' access to security apps such as Microsoft Authenticator and Identity Pass, the report added. "Due to the lack of availability of Google Mobile Services in this region, we look to offer employees a means of accessing these required apps, such as an iOS device," a company spokesperson told Reuters in an email. Microsoft is among those U.S. companies that have a strong presence in China. It entered the Chinese market in 1992 and also operates a large research and development center in the country. The company will provide iPhone 15 models to employees, currently using Android handsets across China, including Hong Kong, the Bloomberg report said.
Gold reaction to employment data and geopolitical events
The June US Nonfarm Payrolls (NFP) data showed an increase of 206,000 jobs, exceeding expectations. Political uncertainty and the People's Bank of China's pause in gold purchases influence gold market dynamics. Recent technical developments in the gold market, including breaking the triangle formation and subsequent rally, indicate the potential for higher prices. Despite a bullish outlook, further consolidation is possible before a significant surge. The recent US Nonfarm Payrolls (NFP) data revealed a rise of 206,000 jobs in June, surpassing the market expectation of 190,000, despite a downward revision from 272,000 to 218,000 for May. The unemployment rate increased to 4.1% and the wage inflation declined to 3.9% year-over-year. These mixed employment signals have increased the likelihood of a rate cut by the Federal Reserve in September. Additionally, political developments in France, where the left-wing New Popular Front led by Jean-Luc Mélenchon is poised to win a significant number of seats, add to the global economic uncertainty. Meanwhile, the People's Bank of China (PBoC) has paused its gold purchasing program, potentially waiting for a further price pullback. These factors collectively influence gold prices, providing a complex backdrop where the prospect of lower interest rates, political uncertainty, and central bank purchasing strategies are likely to drive market dynamics and investor behaviour in the coming months. Bullish Trends in Gold Prices The announcement of the NFP data has dropped the US Dollar Index and boosted gold prices. Since the gold market broke the triangle formation on Wednesday and formed an inside candle on Thursday, the break above Thursday's high on Friday initiated a strong rally, closing the price at higher levels. The red line was the first resistance of this breakout where the gold closed the last week. A clear break above this level may initiate another surge higher. The breakout of the triangle suggests higher prices, but the risk environment remains, as June was a correction month. It looks like the price is preparing for higher levels, but the possibility of consolidation before the surge cannot be ignored. Bottom line In conclusion, the increase in US employment, despite mixed signals in wage inflation and unemployment, has increased the likelihood of a Federal Reserve rate cut, boosting gold prices while weakening the US Dollar Index. Political uncertainties in France and the pause in gold purchases by the People's Bank of China further contribute to the complex economic landscape, indicating potential volatility ahead. The gold market's recent technical developments, including breaking the triangle formation and the subsequent rally, suggest readiness for higher prices. However, the possibility of consolidation before another significant surge remains, necessitating careful observation by investors as the market navigates these multifaceted influences.