December futures on the S&P/TSX index were up 0.1% at 06:51 a.m. ET, after the index logged two straight days of declines.

Canada employment data, due at 08:30 a.m. ET (1230 GMT), is expected to show the economy added net 20,000 jobs in September after losing 113,500 jobs in the period between June-August. The unemployment rate likely remain unchanged at 5.4%.

Still, all eyes will be on the U.S. nonfarm payrolls data coming in at the same time for some clarity as to whether a steady diet of rate hikes by the Federal Reserve has begun to take a bite out of hiring and wage inflation.

Markets rallied at the beginning of this week after a smaller-than-expected rate hike by Australia's central bank and softer U.S. economic reports spurred hopes of a pivot by central banks globally.

However, Bank of Canada (BoC) Governor Tiff Macklem on Thursday made it clear that the central bank will not yet be pivoting away from its hawkish stance.

The BoC has so far this year hiked its policy rate by 300 basis points to 3.25%, a 14-year high, and markets are almost fully pricing in a 50 bps increase in rates later this month.

A recent rise in oil prices have also stoked fears of prolonged inflation, with Brent crude up 8.5% so far this week after OPEC+'s decision to make its largest supply cut since 2020 despite concerns about recession and rising interest rates. [O/R]

Dow e-minis were up 37 points, or 0.12% at 06:51 a.m. ET, while S&P 500 e-minis were down 1.5 points, or 0.04%, and Nasdaq 100 e-minis were down 38.75 points, or 0.34%. [.N]

Meanwhile, Danielle Smith was elected leader of the ruling United Conservative Party in Canada's oil-rich Alberta province on Thursday, after running on promises of greater autonomy, in particular pushing back against federal government policies.

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report [.TO]

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Reuters global stocks poll for Canada

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($1 = C$1.37)

(Reporting by Shashwat Chauhan and Devik Jain in Bengaluru; Editing by Shounak Dasgupta)