TSX Futures Rise as Oil Supports; US Election in Focus

Crude prices lifted futures linked to Canada's major stock index on Monday as investors prepared for the highly anticipated U.S. Presidential election this week and Federal Reserve policy decision.

At 6:00 a.m., December futures for the S&P/TSX Index were up 0.4%. ET (11:00 GMT).

As polls show, Donald Trump and Kamalah Harris are in a close race for the U.S. elections on Tuesday.

The United States is Canada's largest trading partner. This means that the result of the election will have a significant impact on Canada's markets and economy.

Market participants expect the Fed to lower interest rates by 25 basis points on Thursday.

Canada's energy industry could benefit from rising oil prices of more than 2%, after OPEC+ agreed that they would delay by a month a planned increase in oil production for December.

Materials sector can take a cue from the steadying of gold and copper prices in advance of the election, and the Fed's rate announcement.

Investors in Canada will be monitoring the Canadian labor market closely this week. They will pay particular attention to key employment data.

The minutes from the Bank of Canada’s most recent monetary policy meeting will be on your radar. This was the last time the Bank of Canada announced a massive 50 bps cut.

The composite index ended higher on Friday, mainly due to technology and consumer discretionary stocks. However, it still posted a weekly decline.

Gran Tierra Energy announced its results for the third quarter and revealed that it had made a sixth successive oil discovery in Ecuador from the Charapa B7 well.

COMMODITIES

Gold: $2,739.1; +0.15%

US crude: $71.18 - +2.4%

Brent crude: $74.77 (up 2.3%).

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Canadian markets directory ($1 = 1.3911 Canadian dollars) (Reporting by Nikhil Sharma in Bengaluru; Editing by Shreya Biswas)

(source: Reuters)