Sept 8 (Reuters) - Futures tied to Canada's main stock index inched up on Monday, after a surprise job loss in August boosted expectations for a Bank of Canada rate cut later this month.
Futures on the S&P/TSX index gained 0.23% to 1,724.30 points by 06:24 a.m. ET (1024 GMT). The benchmark index ended higher for the eighth straight session on Friday, notching another record rally.
Data showed on Friday that Canada's economy shed 65,500 jobs in August, largely in part-time work, and the unemployment rate climbed to 7.1%. That's the highest level of unemployment since May 2016, excluding the pandemic.
Money market now sees a 89% chance that the BoC will resume its easing campaign on September 17 after leaving its benchmark rate on hold at 2.75% since March.
Investors are also are expecting a rate cut that same day by the U.S. Federal Reserve after Friday's nonfarm payrolls report confirmed the U.S. labor market was deteriorating.
In commodities, gold prices rose to a record high on Monday while oil and copper prices also edged up.
In corporate news, Canadian oil and gas producer Strathcona Resources (SCR.TO), raised its offer for MEG Energy (MEG.TO), seeking to outbid Cenovus Energy (CVE.TO).
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Reporting by Sanchayaita Roy in Bengaluru; Editing by Sahal Muhammed
