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September futures on the S&P/TSX index were up 0.5% at 7:00 a.m.
ET.
Investors focused on GDP data due at 8:30 a.m. ET for further
clues to the health of the Canadian economy after an early
reading on Thursday showed the U.S. economy contracted again in
the second quarter, adding to fears the economy was already in a
recession.
Soaring inflation and rising rates have weighed on global
markets this year, with the Bank of Canada raising rates by a
shock 100 basis points earlier this month to tamp down
inflation.
Meanwhile, metal prices rose on a softer dollar and crude prices
gained as attention turned to next week's OPEC+ meeting and
expectations that it will dash U.S. hopes for a supply boost.
[MET/L] {GOL/] [O/R]
The Toronto Stock Exchange's S&P/TSX composite index on Thursday
rose 1.1% to its highest level in more than six weeks as
investors cheered corporate results. [.TO]
The index is up 2.5% for the week and on track for its second
straight weekly gain.
Among those reporting results on Friday, auto parts maker Magna
International Inc posted a quarterly loss as COVID-19 lockdowns
in China pressure global vehicle production.
U.S. futures climbed as Amazon soared in premarket trade on
upbeat results and forecast, ahead of fresh wages and consumer
price data.
Dow e-minis were up 112 points, or 0.34% at 7:00 a.m. ET, while
S&P 500 e-minis were up 31.5 points, or 0.77% and Nasdaq 100
e-minis were up 142.5 points, or 1.12%. [.N]
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report [.TO]
Canadian dollar and bonds report [CAD/] [CA/]
Reuters global stocks poll for Canada
Canadian markets directory
(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by
Vinay Dwivedi)
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