June 5 (Reuters) - Canada’s main stock index futures rose on Friday, as oil prices gained on OPEC and its allies’ decision to hold discussions on extending oil output cuts on Saturday.
The producers known as OPEC+ will discuss extending record oil production cuts and to approve a new approach that aims to force laggards such as Iraq and Nigeria to comply better with the existing curbs.
May employment data for the country is due at 8:30 a.m. ET.
June futures on the S&P/TSX index were up 0.83% at 7:00 a.m. ET.
The Toronto Stock Exchange’s S&P/TSX composite index fell 0.30% to 15,527.87 on Friday.
Dow Jones Industrial Average e-mini futures were up 1.17% at 7:00 a.m. ET, while S&P 500 e-mini futures were up 0.77% and Nasdaq 100 e-mini futures were up 0.33%.
Bombardier Inc said it would cut 2,500 jobs at its aviation unit and take a related charge of $40 million this year, as the COVID-19 pandemic hurts sales.
The government-backed Canada Mortgage and Housing Corp said on Thursday it would tighten rules for offering mortgage insurance from July 1, after forecasting declines of between 9% and 18% in home prices over the next 12 months.
ANALYST RESEARCH HIGHLIGHTS
Autocanada Inc: CIBC raises price target to C$9 from C$5
Saputo Inc: CIBC cuts price target to C$38 from C$40
Stingray Group Inc: CIBC cuts price target to C$7 from C$8
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1707.8; -0.81%
US crude: $38.28; +2.33%
Brent crude: $41.19; +3%
U.S. ECONOMIC DATA DUE ON FRIDAY
0830 Non-farm payrolls for May: Expected -8,000,000; Prior -20,537,000
0830 Private payrolls for May: Expected -7,500,000; Prior -19,557,000
0830 Manufacturing payrolls for May: Expected -440,000; Prior -1,330,000
0830 Government payrolls for May: Prior -980,000
0830 Unemployment rate for May: Expected 19.7%; Prior 14.7%
0830 Average earnings mm for May: Expected 1.0%; Prior 4.7%
0830 Average earnings yy for May: Expected 8.5%; Prior 7.9%
0830 Average workweek hours for May: Expected 34.3 hrs; Prior 34.2 hrs
0830 Labor force participation for May: Prior 60.2%
0830 U6 underemployment for May: Prior 22.8%
1500 Consumer credit for April: Expected -$20.00 bln; Prior -$12.04 bln
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$1= C$1.35 Reporting by Nachiket Tekawade in Bengaluru; Editing by Shinjini Ganguli
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