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CANADA STOCKS-TSX futures rise as oil prices gain; U.S. jobs data awaited

July 2 (Reuters) - Canada’s main stock index futures rose on Thursday, helped by higher oil prices and as investors awaited the monthly U.S. jobs report for signs of an economic rebound following the easing of coronavirus-led lockdowns.

The U.S. Labor Department’s employment report is likely to show record growth in jobs in June, although a surge in COVID-19 cases is threatening the fledgling recovery.

Meanwhile, oil prices gained as a sharp drop in oil stockpiles outweighed concerns that the spike in infections and new lockdown measures in California could stall recovery in fuel demand.

September futures on the S&P/TSX index were up 1.04% at 7:00 a.m. ET.

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

Canada’s Markit manufacturing PMI (Purchasing Managers Index) for June is due at 9:30 a.m. ET

On Tuesday, the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE ended 0.82% higher at 15,515.22

Dow Jones Industrial Average e-mini futures were up 1.02% at 7:00 a.m. ET, while S&P 500 e-mini futures were up 0.73% and Nasdaq 100 e-mini futures were up 0.46%.

TOP STORIES

A modernized U.S.-Mexico-Canada trade pact took effect on Wednesday, ensuring continuity for manufacturers and agriculture, but the threat of disputes is exposing cracks in what was meant to be a stronger North American fortress of competitiveness.

Canadian pipeline operator Enbridge Inc ENB.TO can restart operations at the west leg of its Line 5 pipeline while the damaged east leg remains shut, a Michigan circuit court judge ruled on Wednesday.

ANALYST RESEARCH HIGHLIGHTS

Canadian Natural Resources Ltd: Credit Suisse raises price target to C$32 from C$29

Cineplex Inc: Scotiabank cuts target price to C$13 from C$15

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1,783.9; +0.22%

US crude: $40.09; +0.68%

Brent crude: $42.35; +0.76%

U.S. ECONOMIC DATA DUE ON THURSDAY

08.30 Non-farm payrolls for Jun: Expected 3,000,000; Prior 2,509,000

08.30 Private payrolls for Jun: Expected 2,900,000; Prior 3,094,000

08.30 Manufacturing payrolls for Jun: Expected 311,000; Prior 225,000

08.30 Government payrolls for Jun: Prior -585,000

08.30 Unemployment rate for Jun: Expected 12.3%; Prior 13.3%

08.30 Average earnings mm for Jun: Expected -0.7%; Prior -1.0%

08.30 Average earnings yy for Jun: Expected 5.3%; Prior 6.7%

08.30 Average workweek hours for Jun: Expected 34.5 hrs; Prior 34.7 hrs

08.30 Labor force partic for Jun: Prior 60.8%

08.30 U6 underemployment for Jun: Prior 21.2%

08.30 International trade for May: Expected -$53.0 bln; Prior -$49.4 bln

08.30 Goods trade balance (R) for May: Prior -74.34 bln

08.30 Initial jobless claims: Expected 1,355,000; Prior 1,480,000

08.30 Jobless claims 4-week average: Prior 1,620,750

08.30 Continued jobless claims: Expected 19.000 mln; Prior 19.522 mln

09.45 ISM-New York Index for Jun: Prior 811.3

09.45 ISM New York Business Conditions for Jun: Prior 19.5

10.00 Durables ex-defense, R mm for May: Prior 15.5%

10.00 Durable goods, R mm for May: Prior 15.8%

10.00 Factory orders mm for May: Expected 8.9%; Prior -13.0%

10.00 Durables ex-transport R mm for May: Prior 4.0%

10.00 Nondefense cap ex-air R mm for May: Prior 2.3%

10.00 Factory ex-transport mm for May: Prior -8.5%

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$1.36) (Reporting by Shivani Kumaresan in Bengaluru; Editing by Ramakrishnan M.)

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