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CANADA STOCKS-TSX futures rise as oil prices advance
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CANADA STOCKS-TSX futures rise as oil prices advance
Dec 13, 2024 4:11 AM

Dec 13 (Reuters) - Futures linked to Canada's main stock

index rose on Friday, lifted by crude prices, after the

benchmark index saw a wider selloff in the previous session.

December futures on the S&P/TSX index were up 0.22%

at 6:04 a.m. ET (11:04 GMT).

The composite index ended nearly 1% lower on

Thursday, weighed down by resource shares and ongoing concerns

about domestic economic growth prospects.

The Bank of Canada delivered a 50-basis-point interest rate

cut on Wednesday, marking the first time since the COVID-19

outbreak that it has implemented consecutive half-point cuts.

However, the move sparked fears about weaker growth amid

looming tariff threats by U.S. President-elect Donald Trump,

considering that the United States is Canada's biggest trading

partner.

In commodities, oil prices rose, heading for their first

weekly rise since the end of November, as additional sanctions

on Iran and Russia ratcheted up supply worries.

Gold prices dipped but were set for a weekly rise ahead of

the U.S. Federal Reserve meeting next week. Meanwhile, copper

prices remained stable but were facing weekly losses on robust

U.S. dollar and uncertainty over China's stimulus measures.

Among economic data, Canada's factory sales numbers are due

on the day, along with U.S. import prices figure.

Stateside, Wall Street futures rose on Friday, with those

linked to the tech-heavy Nasdaq 100 in the lead, after an upbeat

forecast from chipmaker Broadcom.

In corporate news, the Fed said on Thursday it had approved

an application by Scotiabank to buy up to 14.99% of the

voting shares in U.S. regional lender KeyCorp ( KEY ), as the

Canadian bank looks to boost its exposure to developed markets.

COMMODITIES

Gold: $2,667.93; -0.5%

US crude: $70.78; +1.09%

Brent crude: $74.13; +0.98%

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory

($1 = 1.4221 Canadian dollars)

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