Dec 24 (Reuters) - Futures tied to Canada's main stock index rose on Tuesday, supported by crude prices, in the period around the Christmas Day holiday that is historically beneficial for equities.
March futures on the S&P/TSX index were up 0.18% at 6:19 a.m. ET (11:19 GMT).
Toronto markets will close at 1:00 p.m. ET on Tuesday on account of a half-day Christmas holiday. Trading volumes are expected to be light throughout the day.
In commodities, oil prices rose due to a slightly positive market outlook for the short term.
Gold prices also gained in quiet holiday-period trading.
The composite index (.GSPTSE), opens new tab ended higher on Monday as the seasonal optimism offset an uncertain outlook for the Canadian economy and domestic political uncertainty.
The benchmark index is set to end 2024 with stellar gains, having gained 18.1% so far this year, as it received support from the policy easing cycles in Canada and the U.S.
In 2025, focus will particularly be on what Donald Trump does after he takes power following his victory in the presidential election in November, given his tariff threats to Canada.
Additionally, political worries in Canada seemed to escalate further as Prime Minister Justin Trudeau, whose party looks set to lose power early next year, is under pressure from his own legislators to step down and let someone else take over.
Separately, the Bank of Canada's decision to opt for a hefty 50-basis-point rate-cut reflected a weaker outlook for growth than its estimate in October, minutes released on Monday showed.
In corporate news, Canada's antitrust regulator said on Monday it was suing Rogers Communications (RCIb.TO), opens new tab for allegedly misleading consumers about offering unlimited data under some phone plans.
COMMODITIES
Gold : $2614.49; +0.06%
US crude : $69.85; +0.88%
Brent crude : $73.23; +0.83%
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($1 = 1.4399 Canadian dollars)
Reporting by Ragini Mathur; Editing by Krishna Chandra Eluri
