(Reuters) – Futures tied to Canada’s main stock index edged higher on Friday in thin trading volumes, while investors looked forward to the day’s key economic data to gauge the pace of the Bank of Canada’s interest-rate cuts.
December futures on the S&P/TSX index were up 0.1% at 6:06 a.m. ET (11:06 GMT).
The U.S. equity market reopened for half a day following the Thanksgiving holiday on Thursday, with limited trading volumes expected throughout the day.
All eyes will be on Canada’s third-quarter gross domestic product report, due at 8:30 a.m. ET. Economists forecast growth slowing to an annualized rate of 1%, lower than the Canadian central bank’s estimate of 1.5%.
The country’s economy has buckled under the pressure of high borrowing costs. The top bank has already delivered four rate cuts in a row this year to spur growth.
Traders widely expect a 25-basis-point rate cut at the BoC’s rate-setting meeting next month.
The TSX’s heavyweight energy sector grabbed attention as oil prices fell, pressured by easing concerns over supply risks from the Israel-Hezbollah conflict. [O/R]
The materials sector could mirror gold prices, which rose due to a dip in the dollar and rising geopolitical tensions, while copper prices also edged higher. [GOL/] [MET/L]
The composite index, which closed at a record high on Thursday due to gains for energy and industrial shares, is on track to log its fifth consecutive monthly rise.
COMMODITIES
Gold: $2,661.40; +0.77% [GOL/]
US crude: $68.30; -0.61% [O/R]
Brent crude: $72.68; -0.82% [O/R]
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($1 = 1.4002 Canadian dollars)