(Reuters) -Futures tied to Canada’s main stock index inched up on Friday, ahead of the much-anticipated U.S. and Canadian employment data that could influence the September interest-rate decision by the countries’ central banks.
Futures on the S&P/TSX index gained 0.12% to 1,717.40 points by 06:00 a.m. ET (1000 GMT). The benchmark index ended higher for the seventh straight session on Thursday, notching another record rally.
U.S. and Canadian jobs data, due at 8:30 a.m. ET, could prove pivotal in shaping upcoming policy decisions by the Bank of Canada and the Federal Reserve.
Economists forecast Canada’s economy added 10,000 jobs in August and the unemployment rate rose to 7% from 6.9% a month earlier.
Meanwhile, forecasts for tepid U.S. job growth in August and a rise in unemployment to 4.3%, if accurate, would confirm a softening labor market and seal the case for an interest rate cut from the Fed this month.
Money markets see a 71.7% chance of a 25-basis-point interest-rate cut by the BoC on September 17. The benchmark rate is at 2.75%.
In commodities, oil extended decline into a third session while gold prices edged higher and copper posted modest gains on Friday.
In corporate news, Strathcona Resources bought additional 6.04 million common shares of rival MEG Energy for about C$172.7 million ($124.99 million).
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(Reporting by Sanchayaita Roy in Bengaluru; Editing by Shreya Biswas)
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