Futures tracking Canada’s resource-heavy main stock index rose on Friday, buoyed by higher commodity prices and growing optimism around the U.S. central bank to likely forgo any more interest rate hikes.
The TSX Composite ended the session negative by 4.82 points at 20,053.07.
December futures were up 0.5% early Friday.
The Canadian dollar climbed 0.15 cents to 72.85 cents U.S.
The union for First Quantum’s unit in Panama reached an agreement with the company to guarantee salaries as protests and blockades against the miner prevent them from working.
On the economic slate, Statistics Canada says its raw materials index declined 2.5% on a monthly basis in October 2023 and fell 0.8% year over year, while the industrial product price index fell 1.0% month over month in October and was 2.7% lower than in October 2022.
Moreover, foreign investors reduced their holdings of Canadian securities by $15.1 billion in September, mainly due to retirements of bonds. Meanwhile, Canadian investors acquired $11.6 billion of foreign securities, ending the third quarter with the largest investment since the fourth quarter of 2021.
The TSX Venture Exchange shed 0.91 points Thursday to 518.88.
Stock futures rose slightly Friday as investors looked to keep this month’s gains going.
Futures for the Dow Jones Industrials jumped 120 points, or 0.3%, to 35,139.
Futures for the S&P 500 hiked 14.5 points, or 0.3%, at 4,537.75
Futures for the NASDAQ gathered 18.75 points, or 0.1%, to 15,916.50.
All three averages are on pace for weekly gains — and that would mark their third straight positive week. The S&P 500 and the NASDAQ are up more than 2% through Thursday’s close, while the Dow is on pace for a 1.9% rise.
Gap shares leapt 17% after the company posted better-than-expected results for the third quarter. Electric vehicle charging network ChargePoint slid 25% after announcing a shake-up in its C-suite and cutting its forecast for third-quarter revenue.
Those gains were sparked by tame U.S. inflation data that gave hope to investors that worst of inflation — as well as the Federal Reserve’s tough stance on rate policy — may be in the rearview mirror.
In November, the S&P 500 is up 7.5%, while the Dow has a 5.7% gain. The NASDAQ has leapt 9.8%.
In Japan, the Nikkei 225 pointed higher 0.5% Friday, while in Hong Kong, the Hang Seng dived 2.1%.
Oil prices gained 89 cents to $73.79 U.S. a barrel.
Gold prices shone brighter $6.60 to $1,993.90 U.S. an ounce.