February 6, 2020 / 12:37 PM / 4 months ago

CANADA STOCKS-TSX futures up as oil prices rise

Feb 6 (Reuters) - Futures for Canada’s main stock index were higher on Thursday, as oil prices rose, boosted by potential OPEC supply cuts to offset demand loss from the coronavirus outbreak and by trade optimism.

A technical committee advising the Organization of the Petroleum Exporting Countries and its allies led by Russia, known as OPEC+, has recommended a provisional cut in oil output of 600,000 barrels per day (bpd) as it awaits Russia’s final position on the proposal, two sources told Reuters.

China on Thursday said it would halve additional tariffs levied against 1,717 U.S. goods last year, following the signing of a Phase 1 trade deal between the two countries.

March futures on the S&P/TSX index were up 0.25% at 7:00 a.m. ET.

The Toronto Stock Exchange’s TSX closed up 0.79% at 17,651.59 on Wednesday.

Dow Jones Industrial Average e-mini futures were up 0.47% at 7:00 a.m. ET, while S&P 500 e-mini futures were up 0.41% and Nasdaq 100 e-mini futures were up 0.54%.

TOP STORIES

Barrick Gold is not looking to merge with copper miner Freeport-McMoran, CEO Mark Bristow said on Thursday, although he is interested in the company’s Grasberg mine in Indonesia, and indicated he wants to expand in the Pacific Rim.

Canada and China are both “furious” over the case of a Huawei executive detained in Canada in 2018 and its aftermath, but there are signs the two sides can hold constructive talks, the Canadian ambassador to Beijing said on Wednesday.

Suncor Energy Inc, Canada’s second-largest oil and gas producer, posted a wider quarterly loss on Wednesday, dented by a significant one-time impairment charge.

ANALYST RESEARCH HIGHLIGHTS

MEG Energy Corp TD Securities cuts price target to C$9 from C$9.5.

ECN Capital Corp TD Securities raises price target to C$7 from C$6.5.

Gran Tierra Energy Inc Eight Capital cuts price target to C$3 from C$3.5.

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1565.1; +0.32%

US crude: $51.33; +1.14%

Brent crude: $55.56; +0.51%

U.S. ECONOMIC DATA DUE ON THURSDAY

0730 Challenger layoffs for Jan: Prior 32,843

0830 Initial jobless claims: Expected 215,000; Prior 216,000

0830 Jobless claims 4-week average: Prior 214,500

0830 Continued jobless claims: Expected 1.720 mln; Prior 1.703 mln

0830 Labor costs preliminary for Q4: Expected 1.4%; Prior 2.5%

0830 Productivity preliminary for Q4: Expected 1.6%; Prior -0.2%

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$1.33)

Reporting by Swathi Nair in Bengaluru; Editing by Krishna Chandra Eluri

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