Futures tied to Canada's main stock index rose slightly on Wednesday, as investors awaited key U.S. inflation data later in the day to gauge the Federal Reserve's monetary policy outlook.

December futures on the S&P/TSX index were up 0.09% at 6:10 a.m. ET (1110 GMT).

Investors are braced for a data-heavy day with special focus on the personal consumption expenditure index, the Fed's preferred inflation gauge, at 08:30 a.m. ET.

Traders see a 63.5% chance of a 25-basis-point interest rate cut in December.

Meanwhile, the minutes of the policy meeting on Nov. 6-7 showed Fed officials were conflicted over how much farther they may need to cut rates and noted the uncertainty about the direction of the economy.

The second estimate for third-quarter gross domestic product and weekly jobless claims figures are also due on the day.

Canada's heavyweight energy sector could take cues from oil prices that steadied as markets evaluated a ceasefire deal between Israel and Hezbollah.

The materials sector came under focus as gold prices rebounded after hitting a more than one-week low in the previous session, while the dollar weakened. Copper prices also gained.

The composite index ended slightly lower on Tuesday on worries over Donald Trump's pledge to impose a 25% tariff on U.S. imports from Canada and Mexico, with additional tariffs on China.

Canada sends about 75% of its exports to the United States, including oil, and Trump does not intend to spare crude oil from his planned tariffs.

In corporate news, Canadian fund Brookfield is planning to drop its plan to take over Spain's Grifols , two sources close to the matter said.

($1 = 1.4051 Canadian dollars)

(Reporting by Nikhil Sharma in Bengaluru; Editing by Krishna Chandra Eluri)