Sep 17 (Reuters) - Futures tracking Canada's blue-chip stocks rose on Thursday, in line with global markets, after the US Federal Reserve reiterated its focus on combating inflation, with rising gold prices lending further support.
September futures on the S&P/TSX index were up 0.7% at 05:57 am ET (0957 GMT).
The Fed raised its key interest rate for the first time in over three years on Wednesday and signaled more hikes this year to fight stubbornly high inflation in the economy.
Still, global markets saw sharp gains on Thursday, with Asian stocks broadly higher, Europe's STOXX 600 (.STOXX), up 0.5% and S&P 500 futures rising 0.8%.
Charu Chanana, chief investment strategist at Saxo, said the markets were seeing a "credibility-relief" trade after Fed reinforced its commitment to reining in inflation.
Markets are pricing in about a 53% chance of another rate hike at the Fed's October meeting, per CME Group's FedWatch tool.
Gold gained on Thursday after hitting a near six-week low in the previous session, while copper prices also inched up.
On Thursday, oil prices eased as Saudi Arabia's supplies calmed concerns, though prices remained above $100 a barrel due to fears of a wider Middle East conflict.
Canada's producer prices data is scheduled for later on the day, with markets awaiting clues on inflation trends.
Bank of Canada Governor Tiff Macklem said on Wednesday inflation is likely to remain elevated in the near term and reiterated the central bank's readiness to raise rates if price pressures persist.
The TSX closed at its lowest level since July 31 on Wednesday, weighed down by declines in commodity-linked stocks.
Canadian Prime Minister Mark Carney is set to address the European Parliament on Thursday, amid tensions with Washington over the EU's plans to grant Canada associate member status.
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Reporting by Darshan Kumar in Bengaluru; Editing by Vijay Kishore
