Futures for Canada's commodity-heavy stock index inched up on Friday as oil prices recovered, setting the Toronto shares benchmark on course to break a five-session losing streak.
September futures on the S&P/TSX index were up 0.2% at 7:00 a.m. ET.
Oil prices rose after a U.S. official told Reuters an immediate Saudi oil output boost is not expected, with further support from indications that the U.S. central bank could raise interest rates less aggressively than anticipated.
The Toronto Stock Exchange's S&P/TSX composite index was still headed to end the week 3.6% lower, which will be its worst weekly drop in a month, after the Bank of Canada's jumbo rate hike earlier this week pummeled financial stocks and commodity stocks tracked oil and metal prices lower.
Commodity stocks, that make up nearly 30% of the resource-heavy S&P/TSX index, have been badly hit this month due to the surge in the dollar, rate hike fears and COVID-19 curbs in China that have stoked demand fears. Energy stocks and material shares have fallen 11.2% and 6.4%, respectively, so far this month.
Dow e-minis were up 101 points, or 0.33% at 7:00 a.m. ET, while S&P 500 e-minis were up 9.5 points, or 0.25% and Nasdaq 100 e-minis were up 24 points, or 0.2%.
Chile's Supreme Court on Thursday ratified the definitive closure of Canada-based Barrick Gold's controversial $8.5 billion Pascua Lama gold and copper mining project, previously ordered to shutter by the country's environmental regulator in 2018.
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1,702.7; -0.2%
US crude: $97.85; 2.2%
Brent crude: $101.53; 2.5%
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(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Vinay Dwivedi)