Futures on the S&P/TSX index were up 0.3% at 06:45 a.m. ET, tracking Wall Street peers.
U.S. October inflation data is due at 8:30 a.m. ET. Headline consumer price increase is expected to have eased back to 8%, while core inflation is seen ticking lower to 6.5%, according to analysts polled by Reuters.
Odds are equally split between a 75-basis point (bps) rate hike and a 50 bps move next month from the Fed. Aggressive tightening by central banks, including the Bank of Canada, have crimped risk appetite this year, with Canadian stocks down nearly 9% so far in 2022.
Investors will also be watching the outcome of U.S midterm elections. While Republicans edged closer to securing a majority in the House of Representatives, control of the Senate hung in the balance.
The Toronto Stock Exchange's S&P/TSX composite index closed down 1.6% on Wednesday, easing from near two-month highs hit a day before.
Oil prices fell for a fourth consecutive session on Thursday as renewed COVID curbs in top consumer China raised demand concerns. Gold prices were flat. [O/R] [GOL/]
Among single stocks, retailer Canadian Tire Corp Ltd reported a near 20% fall in quarterly profit as inflation-weary consumers cut back on high-margin discretionary purchases such as sports equipment and auto parts.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Sriraj Kalluvila)
