Canada's main stock index was set to open higher on Friday following upbeat global sentiment after China cut a key lending benchmark rate to support its economy.

June futures on the S&P/TSX index were up 1.0% at 7:00 a.m. ET.

China cut its five-year loan prime rate (LPR), which influences the pricing of mortgages, by a sharper-than-expected 15 basis points on Friday, as authorities seek to cushion the impact of an economic slowdown. It left the one-year LPR unchanged.

The Toronto Stock Exchange's S&P/TSX composite index ended 0.4% higher at 20,181.92 on Thursday.

The benchmark index was up 0.4% for the week, led by gains in energy and materials stocks on the back of strength in commodities, although weakness in cyclical stocks weighed on the index.

Dow e-minis were up 282 points, or 0.9% at 7:00 a.m. ET, while S&P 500 e-minis were up 42.25 points, or 1.08% and Nasdaq 100 e-minis were up 171.5 points, or 1.44%.

(Reporting by Amal S in Bengaluru; Editing by Vinay Dwivedi)