(Reuters) – Futures tied to Canada’s main stock index rose on Friday, aided by a jump in crude prices, after a wider sell-off in the previous session, ahead of the key jobs data later in the United States.
December futures on the S&P/TSX index were up 0.4% at 6:02 a.m. ET (10:02 GMT).
The composite index slipped to a three-week low on Thursday due to broader losses led by technology stocks, but ended up posting a monthly gain.
Canada’s energy sector could get a boost as oil prices climbed over $1 a barrel after reports that Iran was preparing a retaliatory strike on Israel from Iraq in the coming days. [O/R]
The materials sector remained in focus with gold prices firming ahead of U.S. economic data, and copper prices gaining against a softer dollar. [GOL/] [MET/L]
Investors kept an eye on U.S. non-farm payrolls data, due later in the day, to gauge the labor market’s strength and gain clues on the Federal Reserve’s upcoming policy moves.
Traders widely expect the Fed to lower interest rates by 25 basis points at its next week’s policy meeting, with a similar-sized cut in December.
Markets also geared up for a closely contested U.S. presidential election on Nov. 5, two days before the central bank’s rate decision.
Wall Street futures rose on Friday, driven by upbeat earnings from tech giant Amazon after a tech-led selloff in the previous session, with market attention on the upcoming jobs report. [.N]
Back home, investors will also parse data from S&P Global Canada Manufacturing Purchasing Managers’ Index (PMI) at 9:30 a.m. ET.
In corporate news, auto parts supplier Magna International reported third-quarter profit below analysts’ estimates.
COMMODITIES
Gold: $2,750.7; +0.2% [GOL/]
US crude: $71.2; +2.8% [O/R]
Brent crude: $74.71; +2.6% [O/R]
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report [.TO]
Canadian dollar and bonds report [CAD/] [CA/]
Reuters global stocks poll for Canada
Canadian markets directory
($1 = 1.3931 Canadian dollars)
(Reporting by Nikhil Sharma in Bengaluru; Editing by Vijay Kishore)