February 22, 2019 / 12:29 PM / a year ago

CANADA STOCKS-Trade optimism, higher oil prices lift TSX futures

Feb 22 (Reuters) - Futures pointed to a higher opening for Canada’s main stock index on Friday on hopes that Washington and Beijing are on course to resolve their trade dispute.

Top U.S. and Chinese trade negotiators haggled on Thursday over the details of a set of agreements, just one week before a Washington-imposed deadline expires and triggers higher U.S. tariffs.

Oil prices received a boost from ongoing OPEC-led production cuts.

March futures on the S&P/TSX index were up 0.22 percent at 7:00 a.m. ET.

Retail sales and budget balance numbers are due at 08:30 a.m. ET and 11:00 a.m. ET, respectively.

The Toronto Stock Exchange’s S&P/TSX composite index closed 30.38 points, or 0.19 percent, down at 16,000.86 on Thursday.

Dow Jones Industrial Average e-mini futures were up 0.46 percent at 7:00 a.m. ET, while S&P 500 e-mini futures rose 0.4 percent and Nasdaq 100 e-mini futures edged up 0.57 percent.


Barrick Gold Corp is considering a hostile bid for Newmont Mining Corp for about $19 billion in stock, in what would potentially be one of the largest-ever mining deals, the country’s Globe and Mail newspaper reported.

Royal Bank of Canada reported a 7 percent rise in earnings in the first quarter, with growth in personal and commercial banking partially offset by lower earnings at its capital markets division.

Magna International Inc beat analysts’ estimates for quarterly profit as the auto parts maker assembled more vehicles, benefiting from new launches by car makers Jaguar Land Rover and Daimler AG.


Altus Group Ltd: CIBC cuts to underperformer from neutral.

Finning International Inc: Canaccord Genuity cuts price target to C$29 from C$33.

Loblaw Companies Ltd: CIBC raises price target to C$76 from C$70.


Gold futures: $1,321.9; -0.2 pct

US crude: $57.46; +0.88 pct

Brent crude: $67.50; +0.64 pct


TSX market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory ($1= C$1.32) (Reporting by Debanjan Bose in Bengaluru; Editing by James Emmanuel)

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