Sept 9 (Reuters) - Futures tied to Canada's commodity-heavy main stock index inched up on Tuesday, lifted by gains in oil and gold, while markets stayed optimistic about a potential interest rate cut from the Bank of Canada later this month.
Futures on the S&P/TSX index gained 0.16% to 1,721.20 points by 06:25 a.m. ET (1025 GMT). The benchmark index fell on Monday, snapping an eight-session winning streak.
Gold was set to hit another record high on Tuesday, driven by growing bets on a U.S. rate cut.
Expectations that the BoC and the U.S. Federal Reserve will resume their easing cycles have supported sentiment since Friday, following disappointing jobs data from both the United States and Canada.
Investors assign a 92.5% probability that the Bank of Canada will lower its benchmark rate from 2.75% on Sept. 17.
Among other commodities, oil and copper prices edged higher.
Markets were also assessing multiple mergers and acquisitions deals.
London-listed miner Anglo American (AAL.L), and Canada's Teck Resources (TECKb.TO), said on Tuesday they plan to merge, in what would be the biggest mining-sector M&A deal in more than a decade.
Separately, the bidding war for Canadian oil sands producer MEG Energy (MEG.TO), heated up as Strathcona Resources (SCR.TO), raised its offer to outbid larger rival Cenovus Energy (CVE.TO).
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Reporting by Sanchayaita Roy in Bengaluru; Editing by Tasim Zahid
