Economic news

CANADA STOCKS-TSX Futures Lifted By Higher Oil Prices

June 5 (Reuters) - Canada’s main stock index futures rose on Friday, as oil prices gained on OPEC and its allies’ decision to hold discussions on extending oil output cuts on Saturday.

The producers known as OPEC will discuss extending record oil production cuts and to approve a new approach that aims to force laggards such as Iraq and Nigeria to comply better with the existing curbs.

May employment data for the country is due at 8:30 a.m. ET.

June futures on the S&P/TSX index were up 0.83% at 7:00 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX composite index fell 0.30% to 15,527.87 on Friday.

Dow Jones Industrial Average e-mini futures were up 1.17% at 7:00 a.m. ET, while S&P 500 e-mini futures were up 0.77% and Nasdaq 100 e-mini futures were up 0.33%.

TOP STORIES

Bombardier Inc said it would cut 2,500 jobs at its aviation unit and take a related charge of $40 million this year, as the COVID-19 pandemic hurts sales.

The government-backed Canada Mortgage and Housing Corp said on Thursday it would tighten rules for offering mortgage insurance from July 1, after forecasting declines of between 9% and 18% in home prices over the next 12 months.

ANALYST RESEARCH HIGHLIGHTS

Autocanada Inc: CIBC raises price target to C$9 from C$5

Saputo Inc: CIBC cuts price target to C$38 from C$40

Stingray Group Inc: CIBC cuts price target to C$7 from C$8

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1707.8; -0.81%

US crude: $38.28; 2.33%

Brent crude: $41.19; 3%

$1= C$1.35Reporting by Nachiket Tekawade in Bengaluru; Editing byShinjini Ganguli

Source: Reuters


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