May 9, 2019 / 11:31 AM / 5 months ago

CANADA STOCKS-Futures down ahead of crucial U.S.-China trade talks

May 9 (Reuters) - Futures for Canada’s main stock index dipped on Thursday ahead of crucial trade talks between the United States and China, with investors waiting to see if the world’s largest economies can avoid further worsening of the trade war.

Chinese Vice Premier Liu He was heading to Washington for two days of talks, but Trump’s insistence that China “broke the deal” and Beijing’s response that it would retaliate against tariffs ratcheted up the stakes.

June futures on the S&P/TSX index were down 0.23 percent at 7:00 a.m. ET.

Canada’s trade balance data for March is due at 8:30 a.m. ET.

Statistics Canada is likely to report the country’s trade deficit narrowed to C$2.45 billion in March from C$2.9 billion in February.

The Toronto Stock Exchange’s S&P/TSX rose 39.65 points, or 0.24 percent, to 16,397.40 on Wednesday.

Dow Jones Industrial Average e-mini futures were down 0.61 percent at 7:00 a.m. ET, while S&P 500 e-mini futures were down 0.62 percent and Nasdaq 100 e-mini futures were down 0.77 percent.

TOP STORIES

Canadian Natural Resources Ltd reported a better-than-expected first-quarter profit, boosted by higher prices for its crude on the back of Alberta’s output curtailments.

Auto parts maker Magna International Inc lowered its 2019 profit forecast, as it expects higher costs on certain programs and lower earnings from a transmission joint venture in China.

Diversified retailer Canadian Tire Corp Ltd reported a 1.7 percent drop in profit on higher interest expense and lease liabilities.

ANALYST RESEARCH HIGHLIGHTS

Ivanhoe Mines Ltd: CIBC raises target price to C$3.40 from C$3.30

Park Lawn Corp: CIBC raises target price to C$32 from C$30

Pollard Banknote Ltd.: Canaccord Genuity raises price target to C$25.00 from C$24.50

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1284; +0.2 percent

US crude: $61.91; -0.34 percent

Brent crude: $70.34; -0.04 percent

U.S. ECONOMIC DATA DUE ON THURSDAY

0830 International trade for March: Expected -$50.2 bln; Prior -$49.4 bln

0830 Goods trade balance (R) for March: Prior -$71.45 bln

0830 Initial jobless claims: Expected 220,000; Prior 230,000

0830 Jobless claims 4-week average: Prior 212,500

0830 Continued jobless claims: Expected 1.670 mln; Prior 1.671 mln

0830 PPI final demand yy for April: Expected 2.3 pct; Prior 2.2 pct

0830 PPI final demand mm for April: Expected 0.2 pct; Prior 0.6 pct

0830 PPI exfood/energy yy for April: Expected 2.5 pct; Prior 2.4 pct

0830 PPI exfood/energy mm for April: Expected 0.2 pct; Prior 0.3 pct

0830 PPI ex food/energy/transport yy for April: Prior 2.0 pct

0830 PPI ex food/energy/transport mm for April: Prior 0.0 pct

1000 Wholesale inventory, R mm for March: Expected 0.0 pct; Prior 0.0 pct

1000 Wholesale sales mm for March: Expected 0.2 pct; Prior 0.3 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$1.35) (Reporting by Pathikrit Bandyopadhyay in Bengaluru; Editing by Shounak Dasgupta)

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