Sept 24 (Reuters) - Futures tied to Canada's resource-heavy main stock index inched higher on Tuesday as commodity prices across the world got a boost from fresh monetary stimulus in major consumer China.
December futures on the S&P/TSX index were up 0.4% at 6:04 a.m. ET (10:04 GMT).
Global markets jumped after China's central bank unveiled its biggest stimulus since the pandemic to pull the economy out of its deflationary funk and steer it towards the government's growth target.
Canada's energy sector could benefit from a jump in oil prices that was driven by China's monetary stimulus, signs of supply disruption due to the conflict in the Middle East and concerns over another hurricane threatening supply in the U.S.
The materials sector is also likely to get a boost from gold prices, which climbed to a record high, and copper prices, which surged to their highest in nearly 10 weeks, following China's stimulus. GOLD/
Since last week, Canadian stocks have been enjoying investor optimism around the U.S. Federal Reserve's half-point interest-rate cut. The composite index (.GSPTSE), closed at a record high for a third consecutive session on Monday. The TSX has risen 14% this year.
The U.S. central bank is now expected to go for another rate cut at its November policy meeting but investors wonder over the size of the move.
Domestic investors will also look toward the Bank of Canada Governor Tiff Macklem's speech at 01:10 p.m. ET for clues on the central bank's monetary policy.
In corporate news, Cineplex (CGX.TO), has been ordered to pay nearly $39 million after the Competition Tribunal found that the cinema operator engaged in deceptive marketing.
COMMODITIES
Gold : $2,630.1; +0.1%
US crude : $72.15; +2.5%
Brent crude : $75.67; +2.4%
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($1 = 1.3508 Canadian dollars)
Reporting by Nikhil Sharma in Bengaluru; Editing by Leroy Leo
