Futures tied to Canada's resource-heavy main stock index edged higher on Friday as rising metals prices helped sentiment, while investors weighed Bank of Canada Governor Tiff Macklem's warning on persistent energy-price pressures on interest rates.
The TSX index leaped 556.21 points, or 1.1%, Thursday to 52,177.69, a three-week high and was on track to post gains in the holiday-shortened week.
The Canadian dollar climbed 0.22 cents to 70.67 cents U.S.
December futures rose 0.4% Friday morning.
Macklem said Canada has not raised interest rates yet but the longer elevated energy prices go on "the harder that gets"
The BoC is not expected to raise interest rates at its next monetary policy decision announcement on October 28, but money markets are pricing in a rate hike of 25 basis points in December, according to data compiled by LSEG
On the economic scene, the Canadian Real Estate Association reported that the number of home sales recorded over Canadian MLS® Systems fell by 2.3% month-over-month in September.
Canada Mortgage and Housing Corporation reported housing starts at 248,896 vs. 220,000 expected and 242,223 in August.
Statistics Canada reported Canadian investors acquired $23.9 billion of foreign securities in August, led by purchases of U.S. shares.
Meanwhile, foreign investors reduced their holdings of Canadian securities by $17.3 billion, led by an unprecedented divestment in federal government debt instruments.
ON BAYSTREET
The TSX Venture Exchange picked up 16.05 points, or 1.9%, Thursday to 846.38.
ON WALLSTREET
S&P 500 futures rose slightly on Friday, as traders headed for a mostly losing week amid declines in tech and artificial intelligence-related names.
Futures for the Dow Jones Industrials gained 25 points, or 0.1%, early Friday to 52,455.
Futures for the S&P 500 gained 4.75 points, or 0.1%, to 7,795.75.
Futures for the NASDAQ Composite retreated 69.5 points, or 0.2%. to 30,074.25.
Tesla shares rose 3% after the electric vehicle maker unveiled its next-generation roadster. To be sure, the model won’t go into production until 2028.
Chipmakers were lower again, however, led by declines in Micron, AMD and Sandisk.
Semiconductors have struggled this week amid jitters about competition from China.
Those declines, coupled with drops in other stocks linked to artificial intelligence, put the S&P 500 on pace for a losing week. The benchmark index is down 0.9% this week, while the NASDAQ has shed 2.4%.
In Japan, the Nikkei 225 advanced 1.4% Friday, while in Hong Kong, the Hang Seng gained 0.5%.
Oil prices edged higher six cents to $98.03 U.S. a barrel.
Gold prices took on $27.50 to $4,197.60 U.S an ounce.
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