FX.co ★ TSX Futures Hold Firm as GDP Surprises to Upside

On Friday, futures linked to the S&P/TSX Composite Index remained stable as investors processed the unexpectedly strong GDP figures from Canada. The nation's economy expanded at an impressive annualized rate of 2.6% during the third quarter, far surpassing predictions of a mere 0.5% and steering clear of a second straight quarterly decline. This development surfaces as the Bank of Canada evaluates economic vigor leading up to its policy decision in December. Concurrently, gold prices experienced an uptick, fueled by renewed optimism that the Federal Reserve may reduce interest rates next month, which bolstered Canadian mining stocks. Additionally, oil prices climbed amid extended peace negotiations between Russia and Ukraine, which sustained geopolitical risks and, in turn, supported domestic oil producers. On the corporate front, CIBC upgraded Canadian National Railway’s rating from “neutral” to “outperformer.”