December futures on the S&P/TSX index were up 0.2% at 7:22 a.m. ET (1222 GMT). Wall Street futures advanced as investors remained optimistic about an interest rate cut from the U.S. Federal Reserve next year and multi-month lows in U.S. Treasury yields that boosted sentiment. [.N]
On the commodities front, oil prices rose over 1% as investors turned their attention to an OPEC+ meeting that will decide on output policy, while supply disruption caused by a storm in the Black Sea and lower U.S. inventories drove buying. [O/R]
Both copper and gold prices edged lower on a firm U.S. dollar. [MET/L] [GOL/]
The Toronto Stock Exchange's S&P/TSX composite index ended higher in the previous session, lifted by gains in resources shares.
The benchmark Canadian index is eyeing its best November performance since 2020 as sentiment rose on hopes that the global interest rates might have peaked.
Looking ahead, the personal consumption expenditures (PCE) report in the United States - the Fed's preferred inflation gauge - due Thursday will be crucial in assessing the global economic scenario.
Domestic economic data scheduled for later in the week - the third-quarter gross domestic product (GDP) report and November employment numbers would also be on the investor watchlist.
Among individual stocks, Enbridge forecast higher 2024 core earnings as the pipeline operator bets on higher demand to lift volumes transported across its network.
Bank of Nova Scotia has asked an advocacy group to end a campaign demanding the Canadian lender divest from Israel-based weapons manufacturer Elbit Systems, according to an e-mail seen by Reuters.
COMMODITIES AT 7:22 a.m. ET
Gold futures: $2,050.7; flat [GOL/]
US crude: $77.76; +1.8% [O/R]
Brent crude: $83; +1.6% [O/R]
($1= C$1.357)
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Tasim Zahid)
