Futures tracking Canada’s resources-heavy stock index climbed on Friday as prices of most metals and crude rose after optimistic economic data from China boosted demand and recovery hopes.
September futures on the S&P/TSX index SXFc1 were up 0.5% at 7:04 a.m. ET (1104 GMT).
Upbeat data on China’s factory output and retail sales in August bolstered market sentiment, as it suggested that a flurry of recent measures to shore up the world’s second-largest economy were starting to bear fruit.
Investors will closely track mining stocks and energy shares, with gold, copper and oil prices rising on the positive China sentiment.O/RGOL/MET/L
Markets will also be looking at U.S. August industrial production and the University of Michigan’s preliminary reading of consumer sentiment, due later in the day, for more clues on the strength of the world’s largest economy.
Dow e-minis 1YMcv1 were up 92 points, or 0.26% at 7:04 a.m. ET, while S&P 500 e-minis EScv1 were up 6 points, or 0.13% and Nasdaq 100 e-minis NQcv1 were down 4.75 points, or 0.03%. .N
Meanwhile, Canada’s Prime Minister Justin Trudeau on Thursday said he had summoned the country’s top grocers to help solve the surging food prices and vowed to cut federal taxes on new rental buildings as consumers battle high prices.
COMMODITIES AT 7:04 a.m. ET
Gold futures GCc2: $1,921.4; +0.4% GOL/
US crude CLc1: $90.55; +0.4% O/R
Brent crude LCOc1: $94.02; +0.3% O/R
($1= C$1.3517)
Source : Nasdaq
