Jan 2 (Reuters) - Futures tracking Canada's main stock

index rose on the first trading day of the year on Thursday, as

higher oil and gold prices propped up energy and mining sectors.

March futures on the S&P/TSX index were up 0.4% at

6:17 a.m. ET/1117 GMT.

The Toronto Stock Exchange's S&P/TSX composite index

closed 2024 with its best yearly performance since

2021, despite macroeconomic and global uncertainties.

Wall Street futures were also higher. The main indexes ended

lower on the final trading day of 2024, closing a banner year

for the markets.

Among commodities, oil prices rose over 1% as

investors were upbeat on China's economic prospects and fuel

demand after a pledge by President Xi Jinping to promote growth.

Meanwhile, gold prices rose 0.8%, carrying on from a

stellar 2024 that saw prices soar to multiple record highs.

However, the prospects of fewer rate cuts by the U.S.

Federal Reserve and potential policy shifts under U.S.

President-elect Donald Trump's upcoming administration look set

to dominate the market narrative in 2025.

Trump, who will be sworn in on Jan. 20, is expected to cut

taxes and pursue deregulation, supporting growth.

But his threat of a 25% tariff on Canadian imports casts a

shadow, given the volume of trade.

On the data front, S&P Global manufacturing purchasing

manager's index (PMI) figures for December are due at 9:30 a.m.

ET.

Investors are also waiting for monthly employment data from

Canada and the U.S., to be released next week, as these reports

will offer insights into the monetary policy direction in both

countries.