CANADA STOCKS TSX futures rise as oil prices gain
Futures for Canada’s main stock index rose on Friday as oil prices gained on optimism of a demand recovery, overshadowing concerns about more supply from Iran once sanctions are lifted.
Brent crude was up 0.37% at $69.72 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 0.55% to $67.22.
June-quarter futures on the S&P/TSX index were up 0.34% at 7:00 a.m. ET.
Canada’s budget balance data for March is due at 11:00 a.m. ET.
The Toronto Stock Exchange’s S&P/TSX composite index (.GSPTSE) ended 0.15% higher at 19,774.41 on Thursday.
At 7:00 a.m. ET, Dow Jones Industrial Average e-mini futures were up 0.5% and S&P 500 e-mini futures had gained 0.39%. Nasdaq 100 e-mini futures rose 0.38%.
Pot producer Hexo Corp (HEXO.TO) said it would buy Redecan, Canada’s privately owned licensed producer, for C$925 million ($764.72 million) in a cash-and-stock deal.
The Canadian dollar strengthened against its U.S. counterpart, moving closer to a recent six-year high, as oil prices rose and investors awaited U.S. inflation data that could provide clues on the Federal Reserve’s policy outlook.
Some 25 years after an independence bid by Quebec almost broke Canada apart, a new push by the province to strengthen its French-speaking identity poses an awkward challenge for Prime Minister Justin Trudeau months before an expected election. read more
ANALYST RESEARCH HIGHLIGHTS
Royal Bank of Canada (RY.TO): BMO raises target price to C$139 from C$131
Cenovus Energy Inc (CVE.TO): Citigroup cuts price target to C$12 from C$13
Canadian Imperial Bank of Commerce (CM.TO): Credit Suisse raises price target to C$142 from C$131
COMMODITIES AT 7:00 a.m. ET
Gold futures : $1,892.9; -0.14%
US crude : $67.22; +0.55%
Brent crude : $69.72; +0.37%
U.S. ECONOMIC DATA DUE ON FRIDAY
0830 Personal income mm for Apr : Expected -14.1%; Prior 21.1%
0830 Personal consumption real mm for Apr: Prior 3.6%
0830 Consumption, adjusted mm for Apr : Expected 0.5%; Prior 4.2%
0830 Core PCE price index mm for Apr : Expected 0.6%; Prior 0.4%
0830 Core PCE price index yy for Apr : Expected 2.9%; Prior 1.8%
0830 PCE price index mm for Apr : Prior 0.5%
0830 PCE price index yy for Apr : Prior 2.3%
0830 Advance goods trade balance for Apr : Prior -90.60 bln
0830 Wholesale inventories advance for Apr : Prior 1.3%
0830 Retail inventories ex-auto advance for Apr : Prior 0.6%
0945 Chicago PMI for May : Expected 68.0; Prior 72.1
1000 U Mich Sentiment Final for May : Expected 82.9; Prior 82.8
1000 U Mich Conditions Final for May : Prior 90.8
1000 U Mich Expectations Final for May : Prior 77.6
1000 U Mich 1 year inflation final for May : Prior 4.6%
1000 U Mich 5-year inflation final for May : Prior 3.1%
1200 Dallas fed PCE for Apr : Prior 2.0%
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