August 30, 2019 / 11:28 AM / 18 days ago

CANADA STOCKS-Futures rise on hopes of easing U.S.-China trade tensions

Aug 30 (Reuters) - Futures for Canada’s main stock index edged higher on Friday, tracking global markets, on cautious hopes for a rapprochement on trade between the United States and China.

The two economic superpowers gave signs on Thursday that they will resume trade talks as they discussed the next round of in-person negotiations in September ahead of a looming deadline for additional U.S. tariffs.

September futures on the S&P/TSX index were up 0.44% at 7:00 a.m. ET.

Canada’s second quarter gross domestic product and producer prices for July are due at 8:30 a.m. ET. Also, budget balance data for June is due at 11:00 a.m. ET.

The country’s economy is expected to have expanded at an annualized rate of 3.0% in the second quarter, following first-quarter growth of 0.4%.

The Toronto Stock Exchange S&P/TSX composite index rose 0.69% to 16,384.49 on Thursday.

Dow Jones Industrial Average e-mini futures were up 0.66% at 7:00 a.m. ET, while S&P 500 e-mini futures were up 0.66% and Nasdaq 100 e-mini futures were up 0.72%.

TOP STORIES

Canadian banks face challenging times as souring macroeconomic conditions and trade uncertainties increase lending risk and weigh on profit margins, investors and analysts said on Thursday after major lenders wrapped up their quarterly earnings season.

ANALYST RESEARCH HIGHLIGHTS

Canadian Western Bank: TD Securities raises target price to C$34.00 from C$33.00

Toronto-Dominion Bank: Scotiabank cuts target price to C$80 from C$83

West Fraser Timber Co Ltd: Scotiabank cuts target price to C$60 from C$65

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1528.1; -0.16%

US crude: $55.89; -1.45%

Brent crude: $60.72; -0.59%

U.S. ECONOMIC DATA DUE ON FRIDAY

0830 Personal income mm for Jul: Expected 0.3%; Prior 0.4%

0830 Personal consumption real mm for Jul: Prior 0.2%

0830 Consumption, adjusted mm for Jul: Expected 0.5%; Prior 0.3%

0830 Core PCE price index mm for Jul: Expected 0.2%; Prior 0.2%

0830 Core PCE price index yy for Jul: Expected 1.6%; Prior 1.6%

0830 PCE price index mm for Jul: Prior 0.1%

0830 PCE price index yy for Jul: Prior 1.4%

0945 (approx.) Chicago PMI for Aug: Expected 47.5; Prior 44.4

1000 U Mich Sentiment Final for Aug: Expected 92.1; Prior 92.1

1000 U Mich Conditions Final for Aug: Prior 107.4

1000 U Mich Expectations Final for Aug: Prior 82.3

1000 (approx.) U Mich 1 year inflation final for Aug: Prior 2.7%

1000 (approx.) U Mich 5-year inflation final for Aug: Prior 2.6%

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$1.32) (Reporting by Pathikrit Bandyopadhyay in Bengaluru; Editing by Shinjini Ganguli)

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