(Reuters) – Canada’s main stock index was poised to open higher on Friday on gains in crude prices, but tracked its worst week since the pandemic-driven market rout in March 2020.
September futures on the S&P/TSX index were up 0.9% at 7:00 a.m. ET.
Prices of oil rose on Friday, helped by supply tightness and new sanctions on Iran. [O/R]
The benchmark index is down 6.26% so far this week as investors grew worried that aggressive interest rate hikes from major central banks could trigger a recession.
Canada’s producer prices and raw materials prices data for May is due at 08:30 a.m. ET.
The Toronto Stock Exchange’s S&P/TSX composite index ended 3.1% lower at 19,004.06 on Thursday, its biggest drop since June 2020 and its lowest level since April 2021. [.TO]
Dow e-minis were up 178 points, or 0.59% at 7:00 a.m. ET, while S&P 500 e-minis were up 30.5 points, or 0.83% and Nasdaq 100 e-minis were up 126.75 points, or 1.14%. [.N]
TOP STORIES [TOP/CAN]
Bausch Health Companies Inc said on Thursday it was suspending plans for the initial public offering of its unit Solta Medical due to challenging market conditions.
ANALYST RESEARCH HIGHLIGHTS [RCH/CA]
Telus Corp: RBC cuts target price to C$36 from C$37
Airboss Of America Corp: TD Securities cuts target price to C$34 from C$40
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1845.8; -0.04% [GOL/]
US crude: $118.04; +0.38% [O/R]
Brent crude: $120.39; +0.48% [O/R]
U.S. ECONOMIC DATA DUE ON FRIDAY
0915 Industrial production mm for May: Expected 0.4%; Prior 1.1%
0915 Capacity utilization SA for May: Expected 79.2%; Prior 79%
0915 Manufacturing output mm for May: Expected 0.3%; Prior 0.8%
0915 Industrial production YoY for May: Prior 6.4%
1000 Leading index change mm for May: Expected -0.4%; Prior -0.3%
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report [.TO]
Canadian dollar and bonds report [CAD/] [CA/]
Reuters global stocks poll for Canada
Canadian markets directory
($1= C$1.30)
(Reporting by Amal S in Bengaluru; Editing by Sriraj Kalluvila)
