(Reuters) – Futures for Canada’s main stock index dipped on Friday, tracking losses in bullion prices, while investors stayed on the sidelines ahead of key domestic jobs data for clues on the pace and path of future interest rate hikes.
December futures on the S&P/TSX index were down 0.2% at 07:38 a.m. ET. The Toronto Stock Exchange’s S&P/TSX composite index closed at its highest level since June 9 on Thursday and is set to end the week higher. [.TO]
Statistic Canada’s report due at 08:30 a.m. ET is expected to show that the economy added 5,000 jobs in November after a blowout 108,300 increase in October, while unemployment rate likely inched up to 5.3% from 5.2%.
The report would come ahead of the Bank of Canada’s policy meeting on Dec. 7, where traders are anticipating an 84.5% chance of a 25-basis-point rate hike to 4%.
Risk sentiment has been tepid for most parts of the year as investors fear aggressive policy tightening measures by central banks could trigger a global downturn. Still, the commodity-heavy TSX shed only 3.3% year-to-date.
U.S. stock index futures also slipped ahead of a closely watched non-farm payrolls data scheduled at 08:30 a.m. ET. [.N]
Gold prices dipped 0.3% in cautious trading, but were still bound for their second straight weekly gain on expectations of a moderation in the pace of U.S. rate hikes. [GOL/]
Canada’s largest pension fund CPP Investments (CPPI) is set to raise $372 million in its first “reverse inquiry” bond on Dec. 9, where lenders Royal Bank of Canada and CIBC would be the underwriters to the offer.
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($1 = C$1.34)
(1 Canadian dollar = $0.7450)
(Reporting by Johann M Cherian in Bengaluru; Editing by Sherry Jacob-Phillips)
