Nov 6 (Reuters) - Futures linked to Canada's main stock index climbed more than 1% on Wednesday, bolstered by positive market sentiment after Republican Donald Trump reclaimed the U.S. presidency.
December futures on the S&P/TSX index were up 1.1% at 6:10 a.m. ET (11:10 GMT).
Trump won the election after defeating Vice President Kamala Harris, making a comeback after being voted out of the White House in 2020.
Futures for the S&P 500 and the Dow hit record highs in a sharp rally after Trump's victory.
The win will potentially impact the global economy and markets, especially Canada, the United States' biggest trading partner.
Canada's energy sector looked set to be pressured as oil prices fell more than 1% after the result.
The materials sector was in focus as gold prices hit a nearly three-week low against a strong dollar, while copper prices also nursed losses.
The composite index (.GSPTSE), opens new tab ended higher on Tuesday, boosted by technology and financial shares.
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Investors will now shift focus to the U.S. Federal Reserve monetary policy decision on Thursday, when the central bank is expected announce a 25-basis-point interest-rate cut.
The Bank of Canada had cut rates by half-a-percentage point at its October meeting. The minutes showed BoC's governing council felt its key borrowing cost did not need to be as restrictive.
Domestic investors will focus on the Ivey Purchasing Managers Index (PMI) data, due later in the day.
In corporate news, metals recycler and battery materials producer Umicore (UMI.BR), opens new tab will pause the construction of a battery materials plant in Canada.
COMMODITIES
Gold : $2,720.7; -0.8%
US crude : $70.91; -1.5%
Brent crude : $74.39; -1.5%
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($1 = 1.3890 Canadian dollars)
Reporting by Nikhil Sharma in Bengaluru; Editing by Pooja Desai
