June 20 (Reuters) - Futures for Canada’s main stock index rose on Thursday, as oil prices surged after Iran shot down a U.S. military drone, raising fears of a military confrontation between the two countries.
Expectations that the U.S. Federal Reserve could cut interest rates at its next meeting, stimulating growth in the world’s largest oil-consuming country and a drop in U.S. crude inventories also provided support to prices.
June 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 rose 8.44 points, or 0.05%, to 16,511.79 on Wednesday.
Dow Jones Industrial Average e-mini futures were up 0.78% at 7:00 a.m. ET, while S&P 500 e-mini futures rose 0.83% and Nasdaq 100 e-mini futures were up 1.23%.
Mexico on Wednesday became the first country to ratify the United States-Mexico-Canada Agreement (USMCA) agreed late last year to replace the North American Free Trade Agreement (NAFTA) at the behest of U.S. President Donald Trump.
Canada’s federal and provincial governments earned C$186 million in tax revenues from direct sales of cannabis in the first five-and-a-half months of legalization, Statistics Canada data showed on Wednesday, after two major provinces cut their revenue forecasts.
Canada’s Conservative Party leader unveiled his long-awaited climate and environmental plan on Wednesday that would eliminate the current federal carbon pricing program and focus on promoting green technologies.
Altagas Canada Inc: RBC raises price target to C$32 from C$23
Cenovus Energy Inc: Citigroup cuts price target to C$13 from C$15
First Quantum Minerals Ltd: J.P. Morgan cuts rating to underweight from neutral
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1,381.3; +2.64%
US crude: $55.53; +3.29%
Brent crude: $63.48; +2.69%
0830 Current account for Q1: Expected -$125 bln; Prior
0830 Initial jobless claims : Expected 220,000; Prior 222,000
0830 Jobless claims 4-week average: Prior 217,750
0830 Continued jobless claims: Expected 1.688 mln; Prior 1.695 mln
0830 Philly Fed Business Index for June: Expected 11; Prior 16.6
0830 Philly Fed 6M Index for June: Prior 19.7
0830 Philly Fed Capex Index for June: Prior 23.3
0830 Philly Fed Employment for June: Prior 18.2
0830 Philly Fed Prices Paid for June: Prior 23.1
0830 Philly Fed New Orders for June: Prior 11
1000 Leading index change mm for May: Expected 0.1%; Prior -0.1%
TSX market report
Canadian dollar and bonds report
Reuters global stocks poll for Canada
Canadian markets directory ($1= C$1.32) (Reporting by Hrithik Kiran Bagade in Bengaluru; Editing by James Emmanuel)