Dec 2 (Reuters) - Futures tied to Canada's main stock
index rose on Monday, boosted by oil prices, while investors
look ahead to domestic jobs data due later in the week to gauge
the Bank of Canada's policy easing trajectory.
December futures on the S&P/TSX index were up 0.23%
at 6:01 a.m. ET (11:01 GMT).
The composite index ended at a record high on
Friday and clocked its largest monthly gain in over 12 months.
Canada's energy sector could benefit from oil prices moving
upward amid strong factory activity in China and escalating
tensions in the Middle East.
The materials sector could take cues from gold prices which
were weighed down by a robust U.S. dollar, while copper also
edged lower.
Canadian investors will focus on the country's manufacturing
PMI data for November due at 09:30 a.m. ET. However, all eyes
will be on key November employment numbers expected later in the
week that could influence BoC's rate decision next week.
Traders are pricing in a 46.8% chance for a 50-basis point
cut at the BoC's meeting on Dec. 11, bets of which jumped after
last week's data showed Canada's economy grew just 1% in the
third quarter.
Investors around the globe will monitor Federal Reserve
Chair Jerome Powell's speech on Wednesday to get cues on the
U.S. interest rate outlook.
Meanwhile, U.S. President-elect Donald Trump said on
Saturday he discussed the border, trade and energy in a "very
productive" meeting with Canadian Prime Minister Justin Trudeau.
Investors were unsettled after Trump's pledged to impose a
25% tariff on imports from Canada and Mexico last week.
In corporate news, Condor Gold said it received two
non-binding takeover proposals from Calibre Mining ( CXBMF ) and
Metals Exploration.
Quarterly earnings from big Canadian lenders, including
Royal Bank of Canada ( RY ), National Bank of Canada ( NTIOF )
and Toronto Dominion Bank ( MLWIQXX ), will also be in focus later
in the week.
COMMODITIES
Gold: $2637.09; -0.62%
US crude: $68.67; +0.99%
Brent crude: $72.57; +1.02%
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($1 = 1.4036 Canadian dollars)