May 22, 2020 / 11:40 AM / 3 months ago

CANADA STOCKS-TSX futures fall on tumbling oil prices amid U.S.-China trade tensions

May 22 (Reuters) - Canada’s main stock index futures fell on Friday as oil prices came under pressure from rising tensions between the United States and China, after the largest Asian economy moved to impose a national security law on Hong Kong.

China is set to impose new national security legislation on Hong Kong after last year’s pro-democracy unrest, a Chinese official said on Thursday, drawing a warning from U.S. President Donald Trump that Washington would react “very strongly” against the attempt to gain more control over the former British colony.

June futures on the S&P/TSX index were down 0.48% at 7:00 a.m. ET, as China’s move raised fears of more pro-democracy protests that engulfed the Asian city last year.

Canada’s retail sales data for March is due at 08:30 ET.

The Toronto Stock Exchange’s S&P/TSX composite index ended 0.75% lower at 14,884.85 on Thursday.

Dow Jones Industrial Average e-mini futures were down 0.4% at 7:00 a.m. ET, while S&P 500 e-mini futures were down 0.32 and Nasdaq 100 e-mini futures were down 0.48%.

ANALYST RESEARCH HIGHLIGHTS

Aurora Cannabis Inc: Jefferies cuts rating to underperform

Kirkland Lake Gold: National Bank of Canada cuts to sector perform from outperform

New Gold Inc: National Bank of Canada raises to outperform from sector perform

Yamana Gold Inc: National Bank of Canada cuts to sector perform from outperform

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1,736; +0.82%

US crude: $31.96; -5.78%

Brent crude: $34.32; -4.83%

U.S. ECONOMIC DATA DUE ON FRIDAY

No economic indicators are scheduled for release.

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 Priyanka Das in Bengaluru; Editing by Shinjini Ganguli

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