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.
The TSX Composite gained 79.43 points to end the session Wednesday at 20,116.20.
December futures were up 0.3% early Thursday.
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.
The Canadian dollar dipped 0.09 cents to 73.50 cents U.S.
Royal Bank of Canada reported a rise in quarterly profit on strong performances from its corporate and investment banking units, while Canadian Imperial Bank of Commerce also reported higher fourth-quarter profit.
TD Bank Group, Canada's second-largest lender, reported a fall in its fourth-quarter profit.
In matters economic, Statistics Canada reported real gross domestic product declined 0.3% in the third quarter, following a 0.3% increase in the second quarter. Real GDP edged up 0.1% in September on the strength of the increase in goods-producing industries.
Elsewhere, The number of employees receiving pay and benefits from their employer increased by 22,100 (+0.1%) in September, following a decline of 16,500 in August and little change in July.
ON BAYSTREET
The TSX Venture Exchange slid 3.07 points Wednesday to 537.17.
ON WALLSTREET
U.S. stock futures rose Thursday as all three major stock indexes prepared to wrap a winning November.
Futures for the Dow Jones Industrials zoomed 214 points, or 0.6%, to 35,702.
Futures for the S&P 500 gained 14 points, or 0.3%, at 4,573.25.
Futures for the NASDAQ popped 50.5 points, or 0.3%, to 16,674.25.
Salesforce hiked 9.2% and Snowflake popped 8.6%, on the back of better-than-expected earnings. Sentiment also got a boost Thursday after new data out of Europe showed inflationary pressures are easing.
Although the 30-stock Dow and the S&P 500 ended Wednesday’s trading session near the flatline, the two indexes are only about 0.5% and 0.8%, respectively, from their year-to-date closing highs. The tech-heavy NASDAQ Composite slipped 0.16% during the day, but is also roughly 0.7% away from its 2023 closing high.
The major averages remain on track to close November with sizeable gains, which would end a three-month losing streak for the indexes.
The S&P 500 is up 8.5% in November, while the NASDAQ has advanced nearly 11%. Both averages are tracking for their best monthly performance since July 2022. The Dow is up 7.2% in November, on pace for its best month since October 2022.
Traders will watch out for October’s reading for personal consumption expenditures, a key inflation gauge for the Federal Reserve. Weekly jobless claims are also due.
In Japan, the Nikkei 225 recovered 0.5%, while in Hong Kong, the Hang Seng Index picked up 0.3%.
Oil prices picked up 64 cents to $78.50 U.S. a barrel.
Gold prices dropped $7.80 to $2,039.30 U.S. an ounce.
