March futures on the S&P/TSX index rose 0.2% by 0708 a.m. ET.

Global markets extended gains, bucking the Federal Reserve's rate hike rhetoric after U.S. jobs data on Friday raised hopes that the wage-inflation spiral was showing signs of slowing. [MKTS/GLOB]

Piling onto the optimism was the reopening of China's COVID borders on Sunday, stoking hopes of demand recovery for crude oil, precious and base metals in the top consumer. [O/R] [MET/L] [GOL/]

The Toronto Stock Exchange's S&P/TSX composite index ended 1.6% higher on Friday, notching its biggest gain in eight weeks on data that showed wage pressures were cooling domestically. [.TO]

Among stock news, First Quantum said that it would suspend many jobs at its operations in Panama if the government forces the metal miner to halt operations during a contract dispute.

Nuvei Corp agreed to buy U.S. payments technology platform Paya Holdings Inc for $1.3 billion, as the fintech firm seeks to expand its footprint in the U.S.

Cannabis-lifestyle manufacturer Tilray Brands reported a second-quarter loss, which was at par with analyst expectations.

COMMODITIES AT 07:08 a.m. ET

Gold futures: $1,127.7; +0.4% [GOL/]

US crude: $76.26; +3.44% [O/R]

Brent crude: $81.07; +3.21% [O/R]

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report [.TO]

Canadian dollar and bonds report [CAD/] [CA/]

Reuters global stocks poll for Canada

Canadian markets directory

(C$1=$0.7473)

(Reporting by Johann M Cherian and Shristi Achar in Bengaluru; Editing by Shailesh Kuber)