Futures for Canada’s resources-heavy stock index tracked gains in commodity prices on Friday, as top consumer China eased some COVID curbs while the dollar extended losses after U.S. inflation came in lower than expected.
The TSX Composite shot higher 646.11 points, or 3.3%, to close Thursday within shouting distance of the 20,000-point mark at 19,990.36
December futures were up 0.4% on Thursday.
The Canadian dollar moved up 0.13 cents to 75.15 cents U.S.
Bank of Canada Governor Tiff Macklem said on Thursday that the country’s red-hot labour market can weather an economic slump without seeing a major surge in unemployment.
Traders are pricing a 73.6% chance of a smaller 25-basis-point rate hike by the BoC at its December meeting.
The TSX Venture Exchange sprinted 17.36 points, or 3%, Thursday to 594.69
Stock futures rose Friday after China said it would ease some COVID measures, building on optimism from lighter-than-feared inflation data that fueled a broad market rally in the previous session.
Futures for the Dow Jones Industrials leaped 153 points, or 0.5%, to 33,864.
Futures for the S&P 500 advanced 18.5 points, or 0.5%, to 3,779.75.
Futures for the NASDAQ Composite hiked 64.5points, or 0.6%, to 10,873.75.
All of the indexes are on pace for a winning week. The Dow is up 4% on a weekly basis, while the S&P is on pace for a rise of 4.9% while the NASDAQ could jump 6.1%.The three averages are also on track for a positive month.
China pulled back some COVID restrictions including shortening quarantine time for international travelers by two days, according to state media on Friday.
Investors are looking forward to preliminary University of Michigan consumer sentiment data, due out at 10 a.m. ET.
Intel shares dipped more than 2% in the premarket after JPMorgan double downgraded the chipmaker to underweight from overweight.
Analysts at the bank cited increasing competition from rivals such as AMD and Taiwan Semiconductor for the rating change.
Shares of the restaurant point of sale system Toast popped about 8% in extended trading on Thursday evening after the company reported better-than-expected revenue for the third quarter.
Toast posted $752 million in quarterly revenue, while analysts were looking for $720 million. It also raised current quarter and full-year revenue guidance.
In Japan, the Nikkei 225 gained 2%, while in Hong Kong, the Hang Seng Index popped 7.7% Friday.
Oil prices gathered $2.76 to $89.23 U.S. a barrel.
Gold prices spiked nine dollars to $1,762.70 U.S. an ounce.