May 8, 2020 / 11:50 AM / in 17 days

CANADA STOCKS-TSX futures up as U.S.- China trade tensions ease

May 8 (Reuters) - Canada’s main stock index futures ticked up on Friday on signs of improving relations between the United States and China and higher oil prices.

Top U.S. and Chinese trade representatives discussed their Phase 1 trade deal on Friday, with China saying they agreed to improve the atmosphere for the deal’s implementation and the United States saying both sides expected obligations to be met.

Meanwhile, oil prices rose and were on course for a second consecutive week of gains as more countries moved ahead with plans to relax economic and social lockdowns put in place to halt the coronavirus pandemic and as more output was shut in.

June futures on the S&P/TSX index were up 0.94% at 7:05 a.m. ET.

Canada’s April employment numbers are due at 8:30 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX composite index rose 0.02% to 14,833.69 on Thursday.

Dow Jones Industrial Average e-mini futures were up 1.01% at 7:05 a.m. ET, while S&P 500 e-mini futures were up 1.06% and Nasdaq 100 e-mini futures were up 1.04%.

ANALYST RESEARCH HIGHLIGHTS

Cargojet Inc: CIBC raises target price to C$150 from C$140

Kinaxis Inc: TD Securities raises target price to C$190 from C$165

Silvercrest Metals: National Bank of Canada resumes coverage with outperform rating

COMMODITIES AT 7:05 a.m. ET

Gold futures: $1727.7; +0.11%

US crude: $23.62; +0.3%

Brent crude: $29.68; +0.75%

U.S. ECONOMIC DATA DUE ON FRIDAY

0830 Non-farm payrolls for Apr: Expected -22,000,000; Prior -701,000

0830 Private payrolls for Apr: Expected -21,050,000; Prior -713,000

0830 Manufacturing payrolls for Apr: Expected -2,500,000; Prior -18,000

0830 Government payrolls for Apr: Prior 12,000

0830 Unemployment rate for Apr: Expected 16.0%; Prior 4.4%

0830 Average earnings mm for Apr: Expected 0.4%; Prior 0.4%

0830 Average earnings yy for Apr: Expected 3.3%; Prior 3.1%

0830 Average workweek hours for Apr: Expected 33.7 hrs; Prior 34.2 hrs

0830 Labor force participation for Apr: Prior 62.7%

0830 U6 underemployment for Apr: Prior 8.7%

1000 Wholesale inventory, R mm for Mar: Expected -1.0%; Prior -1.0%

1000 Wholesale sales mm for Mar: Prior -0.8%

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$1.39 Reporting by Nachiket Tekawade in Bengaluru; Editing by Shinjini Ganguli

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