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CANADA STOCKS-TSX futures higher ahead of Bank of Canada rate decision

June 3 (Reuters) - Futures for Canada’s main stock index were higher on Wednesday, as investors remained optimistic about global economic recovery ahead of the country’s central bank announcing its interest rate decision.

Bank of Canada is scheduled to announce its interest rate decision at 10:00 a.m. ET, and is expected to hold it at 0.25%.

June futures on the S&P/TSX index were up 0.84% at 7:00 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX composite index rose 1.04% to end at 15,394.36 on Tuesday.

Dow Jones Industrial Average e-mini futures were up 0.62% at 7:00 a.m. ET, while S&P 500 e-mini futures were up 0.39% and Nasdaq 100 e-mini futures were up 0.3%.

TOP STORIES

Canada Goose Holdings Inc said on Wednesday it expected negligible revenue in the current quarter after the luxury parka maker was forced to shut stores in markets across the world due to the COVID-19 pandemic.

Ericsson shares hit a high for the year, after the Swedish telecom equipment maker increased its footprint in Canada by winning a 5G contract from BCE Corp’s Bell Canada, beating out China’s Huawei.

ANALYST RESEARCH HIGHLIGHTS

Alcanna Inc: CIBC raises rating to “outperformer” from “neutral”

Cogeco Communications Inc: Canaccord Genuity raises target price to C$96 from C$93

Granite REIT: CIBC raises target price to C$75 from C$68

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1719; -0.57%

US crude: $36.31; -1.36%

Brent crude: $39.1; -1.19%

U.S. ECONOMIC DATA DUE ON WEDNESDAY

0815 (approx.) ADP national employment for May: Expected -9,000,000; Prior -20,236,000

0945 Markit Composite Final PMI for May: Prior 36.4

0945 Markit Services PMI Final for May: Prior 36.9

1000 Durables ex-defense, R mm for April: Prior -16.2%

1000 Durable goods, R mm for April: Prior -17.2%

1000 Factory orders mm for April: Expected -14.0%; Prior -10.3%

1000 Durables ex-transport R mm for April: Prior -7.4%

1000 Nondefense cap ex-air R mm for April: Prior -5.8%

1000 Factory ex-transport mm for April: Prior -3.7%

1000 ISM N-Manufacturing PMI for May: Expected 44.0; Prior 41.8

1000 ISM N-Manufacturing Business Activity for May: Expected 34.0; Prior 26.0

1000 ISM N-Manufacturing Employment Index for May: Prior 30.0

1000 ISM N-Manufacturing New Orders Index for May: Prior 32.9

1000 ISM N-Manufacturing Price Paid Index for May: Prior 55.1

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$1.35 Reporting by Nachiket Tekawade in Bengaluru; Editing by Shounak Dasgupta

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