Futures up on higher gold, crude prices; U.S. inflation data awaited

(Reuters) – Futures for Canada’s resource heavy stock index on Thursday ticked higher, tracking gold and crude prices, with investors avoiding big bets ahead of a crucial U.S. inflation data later in the day.

December futures on the S&P/TSX index rose 0.3% after five days of losses on the TSX.

Gold prices were steady, while prices enjoyed extended support from the OPEC+ cuts last week, which the International Energy Agency warned may push the global economy into recession. [GOl/] [O/R]

rose 0.5% to lead gains among the U.S. stock futures ahead of September consumer prices data due at 08:30 a.m. ET.

The headline CPI is expected to have gained at an annual pace of 8.1% in September, decelerating from August’s 8.3% rise, according to a Reuters poll.

Canada’s stock index closed lower on Wednesday, as U.S. producer price data and minutes from the Federal Reserve’s September meeting bolstered expectations for additional rate hikes. ()

Riskier assets have taken a hit this year as investors worry aggressive rate hikes by central banks could trigger a global economic downturn. The TSX is down 14.2% so far this year and was on pace for its worst annual performance since 2008.

Meanwhile, Canada’s Competition Bureau has launched an investigation into Royal Bank of Canada over allegations that the country’s largest lender had misled customers on its commitments regarding climate action.

COMMODITIES AT 7:00 a.m. ET

: 0.2% to $1,675.3 [GOL/]

US crude: 0.1% to $87.2 [O/R]

: 0.1% to $92.48 [O/R]

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report ()

Canadian dollar and bonds report [CAD/] [CA/]

Reuters global stocks poll for Canada

Canadian markets directory

($1 = 1.38 Canadian dollars)

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