May 13, 2020 / 11:43 AM / 21 days ago

CANADA STOCKS-TSX futures up ahead of U.S. Fed's Powell speech

May 13 (Reuters) - Canada’s stock index futures gained on Wednesday, as investors await a speech by U.S. Federal Reserve Chairman Jerome Powell for clues on the trajectory of interest rates in the world’s largest economy.

Powell’s remarks will be scrutinized amid rising bets that the United States might adopt negative interest rates for the first time to combat the COVID-19 pandemic’s severe economic blow. His webcast address will begin at 9 a.m. ET (1300 GMT).

June futures on the S&P/TSX index were up 0.39% at 7:00 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX composite index fell 1.47% to 14,881.16 on Tuesday.

Dow Jones Industrial Average e-mini futures were up 0.54% at 7:00 a.m. ET. S&P 500 e-mini futures were up 0.49% and Nasdaq 100 e-mini futures were up 0.63%.

TOP STORIES

The Canada-U.S. border is expected to stay closed to non-essential travel until June 21, the Globe and Mail newspaper reported on Wednesday.

Norway’s $1 trillion sovereign fund said on Wednesday it had excluded four Canadian oil and gas companies from its portfolio for producing excessive greenhouse gas emissions, its first use of that reason to blacklist firms.

ANALYST RESEARCH HIGHLIGHTS

Aimia Inc: RBC raises rating to sector perform from outperform

Suncor Energy Inc: Credit Suisse cuts target price to C$30 from C$33

TMX Group Ltd: CIBC raises target price to C$140 from C$120

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1711.8; +0.29%

US crude: $25.91; +0.5%

Brent crude: $29.95; -0.1%

U.S. ECONOMIC DATA DUE ON WEDNESDAY

0830 PPI final demand yy for Apr: Expected -0.2%; Prior 0.7%

0830 PPI final demand mm for Apr: Expected -0.5%; Prior -0.2%

0830 PPI ex-food/energy yy for Apr: Expected 0.9%; Prior 1.4%

0830 PPI ex-food/energy mm for Apr: Expected 0.0%; Prior 0.2%

0830 PPI ex-food/energy/transport yy for Apr: Prior 1.0%

0830 PPI ex-food/energy/transport mm for Apr: 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$1.40 Reporting by Nachiket Tekawade in Bengaluru; Editing by Amy Caren Daniel

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