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(Updates with Canadian economic data)
Nov 21 (Reuters) - Stock futures pointed to a higher opening for Canada's main stock index on Friday, mirroring gains in global markets after China's central bank cut its benchmark interest rate for the first time in more than two years.
December futures on the S&P TSX index were up 0.65 percent at 8:45 a.m. ET.
Canada's annual inflation rate jumped to 2.4 percent in October, driven by higher prices for shelter and food. While the figures could put the Bank of Canada under fresh scrutiny, the report is unlikely to change the central bank's cautious approach to interest rate hikes as policymakers have said the recent strength in prices is likely to be temporary.
The Toronto Stock Exchange's S&P/TSX composite index rose to its highest in eight weeks on Thursday as rising commodity prices boosted the shares of gold miners and energy producers.
Dow Jones Industrial Average e-mini futures were up 0.82 percent at 8:45 a.m. ET, while S&P 500 e-mini futures were up 0.80 percent and Nasdaq 100 e-mini futures were up 0.77 percent.
Valeant Pharmaceuticals International Inc said it cut its stake in Allergan Inc to 0.1 percent from 9.7 percent, three days after Actavis Plc trumped its offer for the Botox maker.
Canadian holiday retail sales are expected to be the strongest in three years, helped by lower unemployment, falling gasoline prices and weaker currency, but aggressive discounting could temper profits for retailers, industry analysts say.
A Canadian aboriginal community has signed a deal with British Colombia to allow a gas pipeline to be built in its territory, setting the stage for more pacts that could bolster liquefied natural gas export projects in the coastal province.
COMMODITIES AT 8:45 a.m. ET
Gold futures : $1,202.70; +0.99 pct
US crude : $77.28; +1.89 pct
Brent crude : $80.93; +2.02 pct
LME 3-month copper : $6,745; +1.2 pct
Kirkland Inc : Suntrust Robinson raises price target to C$26 from C$25; rating "buy"
Metro Inc : Raymond James raises target price to C$85 from C$75; rating "market perform"
Redknee Solutions Inc : Paradigm Capital raises target price to C$5.25 from C$4.50; rating "buy"
1100 KC Fed manufacturing for Nov: Expected 5.0; Prior 3.0
1100 KC Fed Composite Index for Nov: Prior 4.0
TSX market report
Canadian dollar and bonds report
Reuters global stocks poll for Canada
Canadian markets directory
$1= C$1.13 Reporting by Nikhil Kumar in Bangalore; Editing by Saumyadeb Chakrabarty