March futures on the S&P/TSX index were down 0.3% at 7:12 a.m. ET (1212 GMT). Wall Street futures also dipped as yields across U.S. government bonds rose. [.N]

Global markets rallied near the end of 2023 on growing hopes that major central banks could consider interest rate cuts this year.

Money market participants are pricing in a more than 37% chance of the Bank of Canada (BoC) to reduce borrowing costs by at least 25 basis points in March.

Oil prices jumped around 2%, boosted by the chances of Middle East supply disruptions after a naval clash in the Red Sea, as well as hopes of strong holiday demand and an economic stimulus in China, the top importer of crude. [O/R]

Gold prices gained, while copper prices fell on a firmer dollar. [GOL/] [MET/L]

The Toronto Stock Exchange's S&P/TSX composite index ended higher in the previous session, boosted by rising energy and financial stocks.

Investors would look out for a reading of the December S&P Global Canada Manufacturing Purchasing Managers' Index (PMI) due later in the day.

U.S.-based activist fund Browning West said on Friday it was seeking five seats on Canadian apparel maker Gildan Activewear's board.

COMMODITIES AT 7:12 a.m. ET

Gold futures: $2,077.9; +0.3% [GOL/]

US crude: $73.2; +2.2% [O/R]

Brent crude: $78.68; +2.1% [O/R]

($1= C$1.3271)

(Reporting by Shashwat Chauhan in Bengaluru; Editing by Shweta Agarwal)