Futures for Canada's main stock index rose on Thursday, after crude prices gained and as sentiment on Wall Street was lifted by upbeat earnings from Facebook parent Meta Platform.

June futures on the S&P/TSX index were up 0.7% at 6:58 a.m. ET.

Oil prices firmed slightly but were trading in and out of positive territory as investors weighed up tightening Russian supplies and the prospect of dwindling fuel demand in China.

Meta Platforms posted a stronger-than-expected profit, helping futures of the tech-heavy Nasdaq 100 jump 1.86%.

Dow e-minis were up 237 points, or 0.71%, at 6:58 a.m. ET and S&P 500 e-minis were up 55 points, or 1.32%.

The Toronto Stock Exchange's S&P/TSX composite index ended 0.3% higher at 20,744.23 on Wednesday, following five straight days of declines.

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Canada's economy is overheating, creating domestic inflationary pressures, and higher interest rates are needed to cool things down, the head of the Bank of Canada Governor Tiff Macklem said on Wednesday.

 

($1= C$1.29)

(Reporting by Amal S in Bengaluru; Editing by Amy Caren Daniel)