Nov 30 (Reuters) - Futures tied to Canada's resources-heavy main stock index advanced on Thursday as crude oil prices gained, while investors digested the latest big bank earnings in the lead-up to a crucial U.S. inflation reading.
Crude oil prices edged higher as investors eagerly awaited the outcome of an anticipated OPEC+ meeting that could lead to deeper supply cuts in 2024. O/R
December futures on the S&P/TSX index SXFc1 were up 0.3% at 7:00 a.m. ET (1200 GMT), mirroring gains in their U.S. counterparts. .N
Royal Bank of CanadaRY.TO reported a rise in quarterly profit on strong performances from its corporate and investment banking units, while Canadian Imperial Bank of CommerceCM.TO also reported higher fourth-quarter profit.
TD Bank GroupTD.TO, Canada's second-largest lender, reported a fall in its fourth-quarter profit.
Investors will be watching out for Canada's third-quarter gross domestic product (GDP) data due before markets open.
Also on the watch list is the personal consumption expenditures (PCE) report in the United States - the Fed's preferred inflation gauge - which is due at 8:30 a.m. ET.
Gold prices eased as the dollar rebounded ahead of the U.S. inflation reading.GOL/
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended Wednesday higher, lifted by gains in financial and energy stocks.
The benchmark Canadian index is set to snap a four-month losing streak, eyeing monthly gains of over 6%, as global markets made gains on hopes that major central banks were nearing the end of interest rate hikes.
Information technology .SPTTTK is set to be the best-performing sector this month, while energy .SPTTEN is on track to be the worst.
COMMODITIES AT 7:00 a.m. ET
Gold futures GCc2: $2,046.3; -0.5% GOL/
US crude CLc1: $78.34; +0.6% O/R
Brent crude LCOc1: $83.57; +0.6% O/R
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Tasim Zahid)
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