(Reuters) – Futures tracking Canada’s main stock index rose on the first trading day of the year on Thursday, as higher oil and gold prices propped up energy and mining sectors.

March futures on the S&P/TSX index were up 0.4% at 6:17 a.m. ET/1117 GMT.

The Toronto Stock Exchange’s S&P/TSX composite index closed 2024 with its best yearly performance since 2021, despite macroeconomic and global uncertainties.

Wall Street futures were also higher. The main indexes ended lower on the final trading day of 2024, closing a banner year for the markets. [.N]

Among commodities, oil prices rose over 1% as investors were upbeat on China’s economic prospects and fuel demand after a pledge by President Xi Jinping to promote growth. [O/R]

Meanwhile, gold prices rose 0.8%, carrying on from a stellar 2024 that saw prices soar to multiple record highs. [GOL/]

However, the prospects of fewer rate cuts by the U.S. Federal Reserve and potential policy shifts under U.S. President-elect Donald Trump’s upcoming administration look set to dominate the market narrative in 2025.

Trump, who will be sworn in on Jan. 20, is expected to cut taxes and pursue deregulation, supporting growth.

But his threat of a 25% tariff on Canadian imports casts a shadow, given the volume of trade.

On the data front, S&P Global manufacturing purchasing manager’s index (PMI) figures for December are due at 9:30 a.m. ET.

Investors are also waiting for monthly employment data from Canada and the U.S., to be released next week, as these reports will offer insights into the monetary policy direction in both countries.

(Reporting by Ragini Mathur in Bengaluru; Editing by Sahal Muhammed)