May 4, 2017 / 11:47 AM / 3 months ago

CANADA STOCKS-TSX futures rise as earnings season gathers steam

4 Min Read

May 4 (Reuters) - Stock futures pointed to a higher opening for Canada's main stock index on Thursday ahead of quarterly updates from some major companies including SNC Lavalin and Mitel Networks.

June futures on the S&P TSX index were up 0.2 percent at 7:15 a.m. ET.

Investors will get a look at Canada's trade balance report for March, which is expected to have narrowed to C$800 million.

Economists will be looking to see whether exports picked back up after tumbling by the most in nearly a year in February. Statistics Canada is scheduled to release the data at 8:30 a.m. ET.

Canada's main stock index retreated on Wednesday as lower commodity prices weighed on resource stocks, while negative sentiment around troubled Home Capital Group Inc spilled over into the broader financial sector.

Dow Jones Industrial Average e-mini futures were up 0.31 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.3 percent and Nasdaq 100 e-mini futures were up 0.34 percent.

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Top Stories

Canadian oil and gas producer Penn West Petroleum Ltd reported a quarterly profit, compared to a year-ago loss, helped by an uptick in crude prices and gains from asset sales.

Canadian Natural Resources Ltd, the country's largest independent petroleum producer, reported a first-quarter profit, compared with a loss a year earlier, helped by an uptick in crude prices.

Manulife Financial Corp, Canada's biggest life insurer, on Wednesday reported a rise in first-quarter earnings, slightly beating market forecasts with help from strong sales in Asia.

Analyst Research Highlights

Gildan Activewear Inc: Desjardins raises target price to C$42 from C$38

Goeasy Ltd: Raymond James raises target price to C$41 from C$36

Loblaw Companies Ltd: BMO raises target price to C$85 from C$71

COMMODITIES AT 7:15 a.m. ET

Gold futures: $1232.5; fell 1.12 percent

US crude: $47.25; fell 1.19 percent

Brent crude: $50.18; fell 1.2 percent

LME 3-month copper: $5569; fell 0.55 percent

u.s. Economic Data Due on Friday

08:30 International trade mm for Mar: Expected -$44.5 bln; Prior -$43.6 bln

08:30 Goods trade balance (R) for Mar: Prior -$64.81 bln

08:30 Initial jobless claims: Expected 247,000; Prior 257,000

08:30 Jobless claims 4- week average: Prior 242,250

08:30 Continued jobless claims: Expected 2.000 mln; Prior 1.988 mln

08:30 Labor costs preliminary for Q1: Expected 2.5 pct; Prior 1.7 pct

08:30 Productivity preliminary for Q1: Expected 0.0 pct; Prior 1.3 pct

10:00 Durables ex-defense, R mm for Mar: Prior 0.1 pct

10:00 Durable goods, R mm for Mar: Prior 0.7 pct

10:00 Factory orders mm for Mar: Expected 0.4 pct; Prior 1.0 pct

10:00 Durables ex-transport R mm for Mar: Prior -0.2 pct

10:00 Nondefense capacity ex-air R mm for Mar: Prior 0.2 pct

10:00 Factory ex-transport mm for Mar: Prior 0.4 pct

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$1.37) (Reporting by Nikhil Kumar in Bengaluru; Editing by Saumyadeb Chakrabarty)

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