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Oil Prices Recover, Futures Set Higher
Stock futures indicate a slightly higher opening for Canada's main stock index on Thursday as oil prices rose from their three-week lows.
The S&P/TSX Composite Index lost 22.44 points to close the last session of May at 15,349.91. June futures nicked up 0.1% early Thursday.
The Canadian dollar inched up 0.05 cents to 74.28 cents U.S. early Wednesday.
Asanko Gold on Wednesday disputed claims by U.S. hedge fund Muddy Waters that the Canadian company would run out of cash due to problems with its Ghana mining operations.
Kinder Morgan's Trans Mountain pipeline expansion has "met every test" in its bid to attain approval, the company said on Wednesday, responding to a vow by the British Columbia province's de facto incoming government to block the project.
Eight Capital raised the target price on National Bank Of Canada to $62.00 from $60.00
Desjardins raised the target price on CAE Inc. to $25.00 from $23.00
Barclays raised the price target on Bank of Nova Scotia to $86.00 from $84.00 with an overweight rating
On the economic front, Markit Manufacturing Purchasing Managers Index for May is due at 9:30 a.m. ET.
ON BAYSTREET
The TSX Venture Exchange moved lower 5.06 points Wednesday to 799.9
ON WALLSTREET
U.S. stock index futures were expected to slightly higher on Thursday as traders digested a fresh batch of economic data.
Ahead of the opening bell, futures for the Dow Jones Industrials gained nine points to 21,011. Futures for the S&P 500 picked up 2.5 points, or 0.1%, to 2,413.5. NASDAQ futures zoomed 10.25 points, or 0.2%, to 5,803.50.
On the earnings front, Dollar General and Donaldson are among those that reported before the bell. Broadcom, Lululemon Athletica, VMWare and Workday are all due to report after the market close.
Private payrolls surged by 253,000 in May, easily topping expectations, according to a report from ADP and Moody's Analytics. The report was expected to show 185,000 jobs added in May. Weekly jobless claims came in at 248,000, above a forecast of 239,000.
Monthly vehicle sales will be reported throughout the morning and are expected to show about a 16.8-million-vehicle annualized selling pace.
Manufacturing activity will be reported in the Manufacturing Purchasing Managers Index at 9:45 a.m. and the Institute for Supply Management’s manufacturing report at 10 a.m. April construction spending is expected at 10 a.m.
European markets had surged by noon on the continent, while the Nikkei 225 in Japan leaped 1.1%, while Shanghai’s CSI 300 picked up 0.1%
Oil prices increased 14 cents to $48.46 U.S. per barrel.
Gold prices dumped $9.60 to $1,266.40 U.S. an ounce.
