Futures contracts linked to Canada's main stock index rose slightly on Tuesday, supported by crude oil prices, as cautious investors await the outcome of the high-stakes U.S. presidential election.
December futures on the S&P/TSX index were up 0.3% as of 6:03 a.m. ET (11:03 GMT).
The US election has kept investors on edge, with opinion polls showing Republican Donald Trump and Democrat Kamala Harris virtually tied in their race for the White House.
Wall Street futures were subdued as investors focus on Election Day.[.N]
Although it will take several days to declare the final winner, the focus will be on the key states of Georgia, North Carolina, Pennsylvania, Michigan, Arizona, Wisconsin and Nevada.
With the United States being Canada's largest trading partner, the outcome of the election could have a significant impact on the Canadian economy and will be closely monitored by domestic investors.
Canada's energy sector was in particular focus on Tuesday, with oil prices rising slightly after rising more than 2% in the previous session. [O/R]
Materials stocks could take cues from falling gold prices and rising copper prices. [GOL/] [MET/L]
Later today, minutes of the Bank of Canada's October meeting, which resulted in a 50 basis point interest rate cut, will provide more insight into the easing cycle of the country's politics.
The TSX Composite Index was little changed Monday as gains in the energy sector offset a sharp decline in BCE shares after the company agreed to buy Ziply Fiber.
In the corporate space, Sun Life reported better-than-expected third-quarter profit as Canada's second-largest life insurer benefited from strong growth in its business in Canada and the United States.
RAW MATERIALS
Or : 2 740,06 $ ; +0,1 % [GOL/]
US crude: $71.69; +0.3% [O/R]
Brut Brent : 75,33 $ ; +0,3% [O/R]
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($1 = 1.3885 Canadian dollars)
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