Futures tracking Canada's resources-heavy stock index gain

On Friday a Reuters Futures tracking Canada's resources-heavy main stock index gained as the price of oil and precious metals went up as investors hoped that top consumer China's economy would strengthen as it eases more COVID 19 curbs.

The futures on the S&P TSX index were up 0.3% at 7: 01 a.m. The U.S. peers are tracking their U.S. peers ahead of producer price data due before markets open. N Oil prices were steady, but likely to log weekly losses of about 10% amid economic growth concerns, while gold prices climbed against a weaker dollar. O R GOL The Canadian benchmark closed lower for five straight sessions and appears to have recorded its biggest weekly drop in more than two months, with the energy sector down 7.5% for the week, one of the biggest drags.

The producer price data and the U.S. inflation report due December 12 will help shape interest rate expectations as markets head into a big week with the Federal Reserve and the European Central Bank all set to announce interest rate decisions.

The Bank of Canada had hiked its overnight lending rate by 50 basis points on Wednesday, signaling its unprecedented tightening campaign was near its end.

After a bumper year of share buybacks and dividends, investors in debt-light Canadian oil and gas producers are poised to reward shareholders even more in 2023, as they generate ample cash and show little appetite for acquisitions.

The Supreme Court of Pakistan has endorsed a settlement for Barrick Gold to resume mining at the Reko Diq project, one of the world's largest underdeveloped sites of copper and gold deposits.

On the research front, Credit Suisse cut Canadian Imperial Bank of Commerce's rating to neutral from outperform.