TSX futures rise on higher crude prices; bank earnings, U.S. inflation data in

Nov 30 (Reuters) – Futures tied to Canada’s resources-heavy main stock index advanced on Thursday as crude oil prices gained, while investors digested the latest big bank earnings in the lead-up to a crucial U.S. inflation reading.

Crude oil prices edged higher as investors eagerly awaited the outcome of an anticipated OPEC+ meeting that could lead to deeper supply cuts in 2024.

December futures on the S&P/TSX index were up 0.3% at 7:00 a.m. ET (1200 GMT), mirroring gains in their U.S. counterparts.

Royal Bank of Canada (RY.TO) reported a rise in quarterly profit on strong performances from its corporate and investment banking units, while Canadian Imperial Bank of Commerce (CM.TO) also reported higher fourth-quarter profit.

TD Bank Group (TD.TO), Canada’s second-largest lender, reported a fall in its fourth-quarter profit.

Investors will be watching out for Canada’s third-quarter gross domestic product (GDP) data due before markets open.

Also on the watch list is the personal consumption expenditures (PCE) report in the United States – the Fed’s preferred inflation gauge – which is due at 8:30 a.m. ET.

Gold prices eased as the dollar rebounded ahead of the U.S. inflation reading.

The Toronto Stock Exchange’s S&P/TSX composite index (.GSPTSE) ended Wednesday higher, lifted by gains in financial and energy stocks.

The benchmark Canadian index is set to snap a four-month losing streak, eyeing monthly gains of over 6%, as global markets made gains on hopes that major central banks were nearing the end of interest rate hikes.

Information technology (.SPTTTK) is set to be the best-performing sector this month, while energy (.SPTTEN) is on track to be the worst.

COMMODITIES AT 7:00 a.m. ET

Gold futures : $2,046.3; -0.5%

US crude : $78.34; +0.6%

Brent crude : $83.57; +0.6%

($1= C$1.3608)

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