TSX futures inch up as precious metal prices advance
Nov 22 (Reuters) -Futures tied to Canada's main stock index nudged up on Friday, supported by precious metal prices, while cautious investors awaited domestic and U.S. economic data due later in the day.
December futures on the S&P/TSX index SXFcv1 were up 0.09% at 6:20 a.m. ET (11:20 GMT).
Canada's materials sector came under focus as gold prices rose more than 1% on safe-haven demand. GOL/
The energy sector also grabbed attention as oil prices eased and were headed for a weekly rise of more than 4%. O/R
Escalations in the Russia-Ukraine conflict have unsettled investors across the globe this week and lifted crude and gold prices, which broadly benefited Canada's commodity-heavy stock market.
The composite index .GSPTSE touched a record high on Thursday, posting its biggest gain since Aug. 8, after the Canadian government proposed C$6.3 billion in new spending measures to stimulate the economy.
Toronto's benchmark index was also close to registering its third straight weekly gain.
Across the border, focus will be on a S&P business activity survey due at 9:45 a.m. ET.
Meanwhile, domestic investors will parse data from Canada's September retail sales at 8:30 a.m. ET to monitor consumer health, which can partly inform the direction of the economy.
Hotter-than-expected annual inflation data earlier this week cemented wider expectations for a 25-basis-point interest-rate cut by the Bank of Canada next month.
Market bets for a quarter-point cut in December stood over 80%. 0#BOCWATCH
In corporate news, convenience stores operator Alimentation Couche-Tard ATD.TO is not considering a hostile takeover bid for Japanese retail company Seven & i 3382.T, Nikkei business daily reported.
COMMODITIES
Gold XAU=: $2,703.09; +1.25% GOL/
US crude CLc1: $70.1; +0.01% O/R
Brent crude LCOc1: $74.25; +0.03% O/R
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report .TO
Canadian dollar and bonds report CAD/ CA/
Reuters global stocks poll for Canada EQUITYPOLL1, EPOLL/CA
Canadian markets directory CANADA
($1 = 1.3985 Canadian dollars)
Reporting by Nikhil Sharma; Editing by Shreya Biswas
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