CANADA STOCKS-TSX futures climb; Scotiabank Q4 profit in line with estimate

Nov 29 (Reuters) - Futures for Canada's main stock index climbed on Tuesday, tracking upbeat commodity prices, while Bank of Nova Scotia kicked off fourth-quarter earnings season for the country's biggest lenders after a profit in line with estimate.

Still, Scotiabank reported a lower profit year-on-year, as a lull in its investment banking division prompted the lender to set aside higher provisions.

December futures on the S&P/TSX index were up 0.5%, as of 0730 a.m. ET.

Canada's quarterly annualized gross domestic product data is expected to drop to 1.5% from 3.3% in previous quarter, as per Reuters poll. Data is expected at 08:30 a.m. ET.

Oil, precious and base metals rose on demand recovery prospects from China, the world's top raw material consumer, while expectations of production cuts by the OPEC+ further boosted prices.

Suncor Energy Inc said it would retain the Petro-Canada gas station retail business, while noting that capital expenditure for 2023 is expected to increase amid higher crude prices.

TC Energy Corp forecast a rise in 2023 costs as the oil and gas pipeline company continues to grapple with rising labor costs and shortages related to its delayed Coastal GasLink pipeline.

British bank HSBC agreed to sell its business in Canada to Royal Bank of Canada for $10.04 billion, enabling RBC to grab further market share in its home market.

Across the border, U.S. futures edged higher on Chinese demand recovery optimism.

COMMODITIES

Gold futures: $1,763.8; +0.9%

US crude: $79.33; +2.56%

Brent crude: $95.76; +3.1%

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($1= C$1.3) (Reporting by Johann M Cherian in Bengaluru; Editing by Sherry Jacob-Phillips)