May 10 (Reuters) - Futures for Canada's main stock index
advanced on Friday, tracking a surge in commodity prices, while
investors awaited an employment reading for more clues on the
monetary policy path of the country's central bank.
June futures on the S&P/TSX index were up 0.7% at
6:40 a.m. ET (10:40 GMT), mirroring gains in their Wall Street
peers.
Spot gold prices rose over 1% and were on track for
their best week since early April, while nonferrous metals,
including copper also advanced, fuelled by risk-on sentiment and
short-covering.
Global benchmark Brent hovered above $84 a barrel after data
this week signalled growing demand in the U.S. and China while
the festering conflict in the Middle East added support.
Meanwhile, data on Thursday showed that the number of
Americans filing new claims for unemployment benefits increased
more than expected in last week, uplifting investor sentiment
around interest rate cuts in the year.
Wall Street indexes closed up in the previous session after
the dataset.
The Toronto Stock Exchange's S&P/TSX composite index
also rose 0.5% to close at a record high of 22,375.83,
led by gains in financial and resources shares.
Looking forward, a monthly reading of employment data is due
at 8:30 a.m. ET in Canada that could support the narrative of an
easing labour market and cooling inflation in the country.
Investor focus will then shift to the crucial inflation
reading due in the United States in the upcoming week to gauge
the monetary policy path of the Federal Reserve.
In Canadian corporate news, life insurer Sun Life Financial ( SLF )
on Thursday missed core profit estimates for the first
time in 12 quarters, hurt by weakness in the U.S., a region
where it has been expanding.
COMMODITIES AT 6:40 a.m. ET
Gold futures: $2,382.5; +1.8%
US crude: $79.8; +0.7%
Brent crude: $84.36; +0.6%