March 4, 2016 / 2:05 PM / in 2 years

CANADA STOCKS-Futures higher after positive economic data

(Updates with economic data)

March 4 (Reuters) - Canadian stock futures extended gains on Friday after better-than-expected economic data from the United States and Canada eased investor concerns over global growth.

The U.S. Labor Department said nonfarm payrolls increased by 242,000 jobs last month. The unemployment rate held at an eight-year low of 4.9 percent even as more people piled into the labor market.

Canada’s trade deficit edged up to C$655 million ($489 million) in January from C$631 million in December as imports grew slightly more than exports, Statistics Canada said.

March futures on the S&P TSX index were up 0.52 percent at 8:45 a.m. ET.

In another report, Statistics Canada said the labor productivity of Canadian businesses grew by just 0.1 percent in the fourth quarter of 2015, down from 0.4 percent in the third quarter.

Canada’s main stock index hit a 2016 high on Thursday as energy stocks rose despite a petered out oil rally, and other resources stocks gained as commodity prices more generally reflected increased confidence in prospects for global growth.

Dow Jones Industrial Average e-mini futures were up 0.36 percent at 8:45 a.m. ET. S&P 500 e-mini futures were up 0.35 percent and Nasdaq 100 e-mini futures were up 0.47 percent.

(Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)

TOP STORIES

Canadian Prime Minister Justin Trudeau persuaded the country’s 10 provinces on Thursday to accept the concept of putting a price on carbon but agreed the specific details could be worked out later.

The Bank of Canada will likely keep interest rates on hold next week due to the prospect of larger fiscal stimulus from Ottawa later this month, a Reuters poll of economists found.

COMMODITIES AT 8:45 a.m. ET

Gold futures : $1,260.40; +0.15 pct

US crude : $34.92; +0.98 pct

Brent crude : $37.57; +1.38 pct

LME 3-month copper : $4,920.50; +1.35 pct

ANALYST RESEARCH HIGHLIGHTS

Black Diamond Group : RBC cuts target price to C$6.50 from C$7; rating “sector perform”

Canadian Natural Resources : CIBC ups target price to C$40 from C$36; rating “sector outperformer”

SNC-Lavalin Group Inc : CIBC raises target price to C$48 from C$47

U.S. ECONOMIC DATA ON FRIDAY

0830 Non-farm payrolls for Feb: Actual 242,000; Revised 172,000

0830 Private payrolls for Feb: Actual 230,000; Revised 182,000

0830 Manufacturing payrolls for Feb: Actual -16,000; Revised 23,000

0830 Government payrolls for Feb: Actual 12,000; Revised -10,000

0830 Unemployment rate for Feb: Actual 4,9 pct; Prior 4.9 pct

0830 Average earnings mm for Feb: Actual -0.1 pct; Prior 0.5 pct

0830 Average workweek hours for Feb: Actual 34.4 hrs; Prior 34.6 hrs

0830 Labor force participation for Feb: Actual 62.9 pct; Prior 62.7 pct

0830 U6 underemployment for Feb: Actual 9.7 pct; Prior 9.9 pct

0830 International trade mm for Jan: Actual -$45.68 bln; Revised -$44.70 bln

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory ($1= C$1.34) (Reporting by Nikhil Kumar in Bengaluru; Editing by Anil D‘Silva)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below