(Reuters) - Futures tied to Canada's main stock index climbed on Friday as gold and copper prices rose, while investors awaited crucial domestic and U.S. employment data to gauge the trajectory of interest-rate cuts in both economies.
S&P/TSX 60 futures were up 0.28% by 06:37 a.m. ET (1037 GMT).
The materials sector was set to extend its gains as gold and copper prices firmed against a weaker dollar, while rate-cut hopes also lent support. [MET/L] [GOL/]
Oil futures were near their best day since late April, driven by robust summer fuel demand and some supply concerns. [O/R]
Across the border, Wall Street futures were also up ahead of the jobs data. [.N]
Financial markets will be focusing on the U.S. non-farm payrolls data, expected at 8:30 a.m. ET, which could help evaluate the timings of the rate cuts by the Federal Reserve.
A recent string of soft economic data has proved the U.S. economy is slowing, escalating expectations of rate cuts by the Fed, with market participants pricing in a 74.4% chance of a reduction in September.
Canadian employment figures, due at 8:30 a.m. ET, will also grab investors' attention as it can give more assurance about the Bank of Canada trimming its rates in its next policy meeting on July 24.
In corporate news, the Canadian government approved Switzerland-based miner Glencore's $6.93 billion takeover of Teck Resources' steelmaking coal unit with strict conditions to preserve jobs.
COMMODITIES
Gold: $2365.25; +0.38% [GOL/]
US crude: $83.91; +0.01% [O/R]
Brent crude: $87.31; -0.1% [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
Canadian markets directory
($1 = 1.3604 Canadian dollars)
(Reporting by Nikhil Sharma in Bengaluru; Editing by Shreya Biswas)
