(Reuters) – Futures linked to Canada’s main stock index edged higher on Friday in light trading volume, as investors looked ahead to the day’s key economic data to gauge the pace of the Bank of Canada’s interest rate cut.
December futures on the S&P/TSX index were up 0.1% at 6:06 am ET (11:06 GMT).
The US stock market reopened for half a day following the Thanksgiving holiday on Thursday, with moderate trading rates expected throughout the day.
All eyes will be on Canada’s third-quarter gross domestic product report, due at 8:30 am ET. Economists forecast growth to slow to 1%, below the central bank of Canada’s target of 1.5%.
The country’s economy has buckled under the pressure of high borrowing costs. The central bank has already cut rates four times in a row this year to boost growth.
Traders widely expect a 25-basis-point cut at the BoC’s rate-setting meeting next month.
The TSX’s oil energy sector drew attention as oil prices fell, pressured to ease concerns about supply risks from Israel’s conflict with Hezbollah. [O/R]
The construction materials sector may be similar to gold prices, which have risen due to the weakening of the dollar and the rise in political conditions, while prices have risen sharply. [GOL/] [MET/L]
The composite index, which closed at a record high on Thursday thanks to gains in energy and industrial stocks, is on track to log its fifth straight gain.
THINGS
Gold: $2,661.40; +0.77% [GOL/]
US crude: $68.30; -0.61% [O/R]
: $72.68; -0.82% [O/R]
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