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Toronto futures up on crude strength, Omicron fears cap gains

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Dec 2 (Reuters) - Futures for Canada's main stock index rose on Thursday, lifted by higher crude prices as investors adjusted positions ahead of a meeting of key producers, although gains were capped by concerns over the Omicron coronavirus variant threatening global recovery.

December futures on the S&P/TSX index were up 0.7% at 7:00 a.m. ET.

Oil prices jumped ahead of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, where they are likely to decide whether to release more oil into the market as previously planned or to restrain supply.

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The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended 0.95% lower at 20,464.60 on Wednesday, its lowest closing level since Oct. 12.

The Dow e-minis were up 288 points, or 0.85%, at 7:01 a.m. ET, while S&P 500 e-minis were up 27 points, or 0.6%, and Nasdaq 100 e-minis were up 31 points, or 0.2%.

TOP STORIES

Canadian Imperial Bank of Commerce (CM.TO) posted higher quarterly profits on Thursday, as the lender reaped higher fees from wealth management and U.S. and Canadian banking arms. read more

Canadian winterwear producer Canada Goose Holdings Inc (GOOS.TO) has run into controversy in China due to a dispute over its return policies, with a city consumer watchdog calling it into meetings and other groups accusing it of "bullying" customers. read more

ANALYST RESEARCH HIGHLIGHTS

Autocanada Inc (ACQ.TO): CIBC raises to "outperform" from "neutral"

Emera Inc (EMA.TO): JP Morgan raises target price to C$61 from C$59

National Bank of Canada (NA.TO): RBC raises target price to C$111 from C$99

COMMODITIES AT 7:00 a.m. ET

Gold futures : $1777; -0.34%

US crude : $66.3; +1.11%

Brent crude : $69.55; +0.97%

U.S. ECONOMIC DATA DUE ON THURSDAY

0730 Challenger layoffs for Nov : Prior 22,822

0830 Initial jobless claim : Expected 240,000; Prior 199,000

0830 Jobless claim 4week average : Prior 252,250

0830 Continue jobless claim : Expected 2.000 mln; Prior 2.049 mln

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report

Canadian dollar and bonds report CA/

Reuters global stocks poll for Canada ,

Canadian markets directory

($1= C$1.28)

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Reporting by Amal S in Bengaluru; Editing by Vinay Dwivedi

Our Standards: The Thomson Reuters Trust Principles.

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