June 6 (Reuters) - Canada’s main stock index was poised to open higher on Thursday, as demand for safe-haven assets amid trade tensions pushed gold prices to near their highest level this year.
June futures on the S&P/TSX index were up 0.48% at 7:00 a.m. ET, while spot gold was up 0.51% at $1,336.72.
Canada’s trade balance data for April is due at 08:30 a.m. ET, while Ivey Purchasing Managers’ Index figures for May are due at 10:00 a.m. ET.
The Toronto Stock Exchange’s S&P/TSX index closed up 46.42 points, or 0.29 percent, at 16,212.66 on Wednesday.
Dow Jones Industrial Average e-mini futures were up 0.28% at 7:00 a.m. ET, while S&P 500 e-mini futures were up 0.28% and Nasdaq 100 e-mini futures were up 0.36%.
Canadian miner First Quantum Minerals said on Wednesday it had “fully complied” with local rules in operating Cobre Panama, one of the region’s largest copper mines, after Panama’s president-elect said he would review the company’s contract.
Canada said on Wednesday it was preparing for the arrival of ultra-fast 5G internet service as it outlined plans to make more 5G spectrum available starting next year.
ANALYST RESEARCH HIGHLIGHTS
Kirkland Lake Gold Ltd: Canaccord Genuity resumes coverage with “buy” rating; price target at C$60
Dollarama Inc: Canadian Imperial Bank of Commerce raises price target to C$44 from C$37
Precision Drilling Corp: Citigroup cuts price target to C$3.50 from C$4.50
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1338.5; rose 0.59%
US crude: $51.8; rose 0.23%
Brent crude: $61.12; rose 0.81%
U.S. ECONOMIC DATA DUE ON THURSDAY
0730 Challenger layoffs for May: Prior 40,023
0830 International trade balance for April: Expected -$50.7 bln; Prior -$50 bln
0830 Initial jobless claims : Expected 215,000; Prior 215,000
0830 Jobless claims 4-week average : Prior 216,750
0830 Continued jobless claims : Expected 1.660 mln; Prior 1.657 mln
0830 Labor costs revised for Q1: Expected -0.8%; Prior -0.9%
0830 Productivity revised for Q1: Expected 3.5%; Prior 3.6%
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$1 = C$1.34 Reporting by Karthick Arvinth in Bengaluru; Editing by Sriraj Kalluvila
Our Standards: The Thomson Reuters Trust Principles.