RY

CANADA STOCKS-TSX futures rise on higher crude prices; bank earnings, U.S. inflation data in focus

Credit: REUTERS/Chris Helgren

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

($1= C$1.3608)

(Reporting by Shashwat Chauhan in Bengaluru; Editing by Tasim Zahid)

((Shashwat.Chauhan@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tags

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.