June 16, 2020 / 11:51 AM / 25 days ago

CANADA STOCKS-TSX futures advance on higher oil prices, stimulus boost

June 16 (Reuters) - Futures for Canada’s main stock index rose on Tuesday as oil prices jumped on signs of improving demand, while sentiment was also supported by more economic stimulus from global central banks.

Brent crude rose nearly 2% to above $40 a barrel after the International Energy Agency increased its oil demand forecast for 2020 and as record supply cuts supported the market.

The U.S. Federal Reserve is set to start purchasing corporate bonds on Tuesday as part of an already announced stimulus scheme.

Risk-on sentiment globally also got a boost from a report that the Trump administration was preparing a nearly $1 trillion infrastructure proposal.

June futures on the S&P/TSX index were up 1.43% at 7:00 a.m. ET.

Data for investment in foreign and Canadian securities for April is due for release at 8:30 am ET.

On Monday, the Toronto Stock Exchange’s S&P/TSX composite index ended 0.68% higher at 15,359.66.

Dow Jones Industrial Average e-mini futures were up 1.8% at 7:00 a.m. ET, while S&P 500 e-mini futures were up 1.3% and Nasdaq 100 e-mini futures were up 1.19%.

ANALYST RESEARCH HIGHLIGHTS

Canwel Building Materials Group: RBC raises rating to outperform from sector perform

Enbridge Inc: Evercore ISI starts with outperform rating; price target C$55

TCP Energy Corp: Evercore ISI starts with outperform rating; price target C$75

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1,732.7; +0.63%

US crude: $37.72; +1.62%

Brent crude: $40.41; +1.74%

U.S. ECONOMIC DATA DUE ON TUESDAY

0830 Retail sales ex-autos mm for May: Expected 5.5%; Prior -17.2%

0830 Retail sales mm for May: Expected 8.0%; Prior -16.4%

0830 Retail ex gas/autos for May: Prior -16.2%

0830 Retail control for May: Expected 4.7%; Prior -15.3%

0830 (approx.) Retail sales YoY for May: Prior -21.61%

0915 (approx.) Industrial production mm for May: Expected 2.9%; Prior -11.2%

0915 Capacity utilization SA for May: Expected 66.9%; Prior 64.9%

0915 Manufacturing output mm for May: Expected 4.6%; Prior -13.7%

0915 (approx.) Industrial production YoY for May: Prior -15.04%

1000 Business inventories mm for Apr: Expected -0.8%; Prior -0.2%

1000 Retail inventories ex-auto rev for Apr: Prior -1.1%

1000 NAHB Housing Market Index for Jun: Expected 45; Prior 37

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$1.36) (Reporting by Amal S in Bengaluru; Editing by Aditya Soni)

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