June 6, 2019 / 11:37 AM / 5 months ago

CANADA STOCKS-TSX futures rise as gold prices move higher

June 6 (Reuters) - Canada’s main stock index was poised to open higher on Thursday, as demand for safe-haven assets amid trade tensions pushed gold prices to near their highest level this year.

June futures on the S&P/TSX index were up 0.48% at 7:00 a.m. ET, while spot gold was up 0.51% at $1,336.72.

Canada’s trade balance data for April is due at 08:30 a.m. ET, while Ivey Purchasing Managers’ Index figures for May are due at 10:00 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX index closed up 46.42 points, or 0.29 percent, at 16,212.66 on Wednesday.

Dow Jones Industrial Average e-mini futures were up 0.28% at 7:00 a.m. ET, while S&P 500 e-mini futures were up 0.28% and Nasdaq 100 e-mini futures were up 0.36%.

TOP STORIES

Canadian miner First Quantum Minerals said on Wednesday it had “fully complied” with local rules in operating Cobre Panama, one of the region’s largest copper mines, after Panama’s president-elect said he would review the company’s contract.

Canada said on Wednesday it was preparing for the arrival of ultra-fast 5G internet service as it outlined plans to make more 5G spectrum available starting next year.

ANALYST RESEARCH HIGHLIGHTS

Kirkland Lake Gold Ltd: Canaccord Genuity resumes coverage with “buy” rating; price target at C$60

Dollarama Inc: Canadian Imperial Bank of Commerce raises price target to C$44 from C$37

Precision Drilling Corp: Citigroup cuts price target to C$3.50 from C$4.50

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1338.5; rose 0.59%

US crude: $51.8; rose 0.23%

Brent crude: $61.12; rose 0.81%

U.S. ECONOMIC DATA DUE ON THURSDAY

0730 Challenger layoffs for May: Prior 40,023

0830 International trade balance for April: Expected -$50.7 bln; Prior -$50 bln

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

0830 Jobless claims 4-week average : Prior 216,750

0830 Continued jobless claims : Expected 1.660 mln; Prior 1.657 mln

0830 Labor costs revised for Q1: Expected -0.8%; Prior -0.9%

0830 Productivity revised for Q1: Expected 3.5%; Prior 3.6%

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$1.34 Reporting by Karthick Arvinth in Bengaluru; Editing by Sriraj Kalluvila

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