(Reuters) – Canada’s resource-heavy main stock index was set to extend gains on Friday as commodity prices firmed, with investor focus on a slew of results and economic growth data that could influence the central bank’s rate-hike plans.
September futures on the S&P/TSX index were up 0.5% at 7:00 a.m. ET.
Investors focused on GDP data due at 8:30 a.m. ET for further clues to the health of the Canadian economy after an early reading on Thursday showed the U.S. economy contracted again in the second quarter, adding to fears the economy was already in a recession.
Soaring inflation and rising rates have weighed on global markets this year, with the Bank of Canada raising rates by a shock 100 basis points earlier this month to tamp down inflation.
Meanwhile, metal prices rose on a softer dollar and crude prices gained as attention turned to next week’s OPEC+ meeting and expectations that it will dash U.S. hopes for a supply boost. [MET/L] {GOL/] [O/R]
The Toronto Stock Exchange’s S&P/TSX composite index on Thursday rose 1.1% to its highest level in more than six weeks as investors cheered corporate results. [.TO]
The index is up 2.5% for the week and on track for its second straight weekly gain.
Among those reporting results on Friday, auto parts maker Magna International Inc posted a quarterly loss as COVID-19 lockdowns in China pressure global vehicle production.
U.S. futures climbed as Amazon soared in premarket trade on upbeat results and forecast, ahead of fresh wages and consumer price data.
Dow e-minis were up 112 points, or 0.34% at 7:00 a.m. ET, while S&P 500 e-minis were up 31.5 points, or 0.77% and Nasdaq 100 e-minis were up 142.5 points, or 1.12%. [.N]
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(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Vinay Dwivedi)
