(Reuters) – Futures tracking Canada’s resource-heavy main stock index rose on Friday, buoyed by higher commodity prices and growing optimism around the U.S. central bank to likely forgo any more interest rate hikes.
December futures on the S&P/TSX index were up 0.5% at 7:13 a.m. ET (12:13 GMT).
Gaining for three out of four sessions, the benchmark index has climbed over 2% so far this week.
A raft of weak economic data through the week has cemented hopes that the U.S. Federal Reserve is most likely done raising rates, with some investors pricing in the likelihood of rate cuts up to a full percentage point by the end of 2024.
U.S. stock index futures were also on the rise as Treasury yields extended declines from the previous session. [.N]
Also fueling sentiment was gold prices touching a two-week high, coupled with a recovery in oil prices and the copper prices edging higher.
Investors will keep an eye out for domestic producer prices data and U.S. housing data for October, both due at 8:30 a.m. ET.
As for company news, the union for Canadian miner First Quantum’s unit in Panama reached an agreement with the company to guarantee salaries as protests and blockades against the miner prevent them from working.
COMMODITIES AT 7:13 a.m. ET
Gold futures: $1,991.6; -+0.2% [GOL/]
US crude: $73.9; -+1.4% [O/R]
Brent crude: $78.55; -+1.5% [O/R]
($1= C$1.3728)
(Reporting by Ankika Biswas in Bengaluru; Editing by Shweta Agarwal)
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