Nov 4 (Reuters) - Futures tied to Canada's main stock index rose on Monday, lifted by crude prices, as investors geared up for this week's highly anticipated U.S. presidential election and the Federal Reserve's policy decision.
December futures on the S&P/TSX index were up 0.4% at 6:00 a.m. ET (11:00 GMT).
The U.S. election due Tuesday is set to be a high-stakes event as polls reflect Democrat Kamala Harris and Republican Donald Trump in a neck-and-neck race to win.
With the United States being Canada's biggest trading partner, the outcome of the election could be of significant consequence to Canada's economy and markets.
The election will be followed by the Fed's interest-rate decision on Thursday, where market participants see higher odds for a 25-basis-point cut.
Canada's energy sector could benefit from oil prices that firmed more than 2% after OPEC+ agreed to delay a planned December oil output increase by one month.
The materials sector could take cues from steadying gold and rising copper prices ahead of the election and the Fed's rate decision.
Later this week, domestic investors will focus on key jobs data, among others, to monitor the health of Canada's labor market.
Minutes from the Bank of Canada's last monetary policy meeting, where a bumper 50-bps cut was announced, will also be on the radar.
The composite index (.GSPTSE), opens new tab closed higher on Friday due to gains led by technology and consumer discretionary shares, though it posted a weekly drop.
In corporate news, Gran Tierra Energy (GTE.TO), opens new tab reported its third-quarter results and announced sixth consecutive Ecuador oil discovery from the Charapa-B7 well.
COMMODITIES
Gold : $2,739.1; +0.15%
US crude : $71.18; +2.4%
Brent crude : $74.77; +2.3%
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($1 = 1.3911 Canadian dollars)
Reporting by Nikhil Sharma in Bengaluru; Editing by Shreya Biswas
