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CANADA STOCKS-TSX futures rise on oil strength; focus on domestic jobs data
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CANADA STOCKS-TSX futures rise on oil strength; focus on domestic jobs data
Dec 2, 2024 4:37 AM

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%

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 = 1.4036 Canadian dollars)

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