November 7, 2019 / 12:34 PM / 6 days ago

CANADA STOCKS-U.S.-China trade hopes lift TSX futures

Nov 7 (Reuters) - Stock futures for Canada’s main stock index gained on Thursday, as signals from Beijing that a “phase one” trade deal with the United States was close to being finalized lifted investors’ sentiment and boosted oil prices more than 1%.

China’s commerce ministry said that the two countries have agreed to cancel in phases the tariffs imposed during their months-long trade war, but did not specify a timetable.

December futures on the S&P/TSX index were up 0.33% at 7:00 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX composite index closed 0.38% higher at 16,745.64 on Wednesday.

Dow Jones Industrial Average e-mini futures were up 0.48% at 7:00 a.m. ET, while S&P 500 e-mini futures rose 0.35% and Nasdaq 100 e-mini futures gained 0.43%.

TOP STORIES

Diversified retailer Canadian Tire reported quarterly revenue below Wall Street estimates, hurt by rising competition from Walmart Inc and Amazon.com.

Canadian Natural Resources posted a quarterly profit above analysts’ estimates, as the country’s largest oil producer benefited from higher production.

Maple Leaf Foods has turned carbon neutral, the Canadian meat producer said, amid rising demand worldwide from investors and public that companies act to reduce climate risks.

Canadian insurers Manulife, and Sun Life beat analysts’ quarterly profit estimates on Wednesday, driven by strong demand in Asia, especially Hong Kong.

ANALYST RESEARCH HIGHLIGHTS

iA Financial Corp: Canaccord Genuity raises target price to C$73 from C$66

Intact Financial Corp: Desjardins raises target price to C$138 from C$132

Pason Systems Inc: CIBC cuts target price to C$20 from C$22

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1486; -0.48%

US crude: $57.02; +1.19%

Brent crude: $62.43; +1.12%

U.S. ECONOMIC DATA DUE ON THURSDAY

0830 Initial jobless claims: Expected 215,000; Prior 218,000

0830 Jobless claims 4-week average: Prior 214,750

0830 Continued jobless claims: Expected 1.683 mln; Prior 1.690 mln

1500 Consumer credit for Sep: Expected $15.00 bln; Prior $17.90 bln

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory

Reporting by Lisa Pauline Mattackal in Bengaluru; Editing by Maju Samuel

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