March 4 (Reuters) - Futures pointed to a higher opening for Canada’s main stock index on Monday on growing hopes that the United States and China will likely agree on a deal to end their eight-month-long trade war and eliminate tariffs levied against each other.
White House officials said they expect U.S. President Donald Trump and his Chinese counterpart Xi Jinping to “close” a deal at a summit in the coming weeks at Trump’s Mar-a-Lago estate in Florida.
March futures on the S&P/TSX index were up 0.24 percent at 7:00 a.m. ET.
The Toronto Stock Exchange’s S&P/TSX ended 69.24 points, or 0.43 percent, higher to 16,068.25 on Friday.
Dow Jones Industrial Average e-mini futures were up 0.31 percent at 7:00 a.m. ET, S&P 500 e-mini futures 0.3 percent and Nasdaq 100 e-mini futures 0.47 percent.
The lawyers for Huawei Chief Financial Officer Meng Wanzhou are suing the Canadian government, its border agency and federal police, alleging their client was detained, searched and interrogated for three hours in violation of her constitutional rights.
Consolidation among smaller gold miners is expected to be top of mind as much of the industry meets in Toronto this week, with dealmakers cautiously optimistic a fresh wave of buyouts is imminent once major pending transactions are settled.
ANALYST RESEARCH HIGHLIGHTS
Air Canada: Canaccord Genuity raises target price to C$45 from C$40
Emera Inc: JP Morgan raises price target to C$45 from C$43
Ritchie Bros. Auctioneers: National Bank of Canada cuts target price to C$35 from C$37
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1,287.8; -0.88 pct
US crude: $56.15; +0.63 pct
Brent crude: $65.51; +0.68 pct
U.S. ECONOMIC DATA DUE ON MONDAY
0945 ISM-New York Index for Feb: Prior 855.1
0945 ISM New York Business Conditions for Feb: Prior 63.4
1000 Construction spending mm for Dec: Expected 0.2 pct; Prior 0.8 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$1.33)
Reporting by Hrithik Kiran Bagade in Bengaluru; Editing by Shinjini Ganguli
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