April 16, 2020 / 11:22 AM / in 2 months

CANADA STOCKS-TSX futures tick higher as oil prices rebound

April 16 (Reuters) - Canada’s main stock index futures were higher on Thursday, as oil prices recovered from sharp losses in the previous session, with investors hoping for further oil cuts from producers after data showed a big surge in U.S. inventories.

June futures on the S&P/TSX index were up 0.71% at 7:00 a.m. ET.

Manufacturing sales data for February is due at 8:30 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX composite index ended 2.1% lower at 13,958.58 on Wednesday.

Dow Jones Industrial Average e-mini futures were up 0.34% at 7:00 a.m. ET, while S&P 500 e-mini futures were up 0.43% and Nasdaq 100 e-mini futures were up 0.75%.

TOP STORIES

Canadian banks are beginning to relax lending standards for energy firms struggling to operate with oil prices at half the level needed to cover costs, seeking to keep them afloat until the industry recovers from its deepest slump ever.

Auto supplier Magna International is planning for a return to production in North America on May 4, with a subsequent gradual increase in output as the industry recovers from the shutdown caused by the coronavirus pandemic, a top executive said on Wednesday.

A U.S. court on Wednesday ruled against the U.S. Army Corps of Engineers’ use of a permit that allows new energy pipelines to cross water bodies, in the latest setback to TC Energy’s plans to build the Keystone XL oil pipeline.

ANALYST RESEARCH HIGHLIGHTS

Alacer Gold Corp: Scotiabank raises to sector outperform from sector perform

Cascades Inc: RBC cuts to sector perform from outperform

Thomson Reuters Corp: National Bank of Canada cuts to sector perform from outperform

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1,752.1; +1.3%

US crude: $20.14; +1.36%

Brent crude: $28.5; +2.93%

U.S. ECONOMIC DATA DUE ON THURSDAY

0830 Building permits number for Mar: Expected 1.300 mln; Prior 1.452 mln

0830 Build permits change mm for Mar: Prior -6.3%

0830 Housing starts number for Mar: Expected 1.300 mln; Prior 1.599 mln

0830 House starts mm change for Mar: Prior -1.5%

0830 Initial jobless claims: Expected 5.105 mln; Prior 6.606 mln

0830 Continued jobless claims: Expected 13.500 mln; Prior 7.455 mln

0830 (approx.) Philly Fed Business Index for Apr: Expected -30.0; Prior -12.7

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 Samrhitha Arunasalam in Bengaluru; Editing by Shailesh Kuber

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