May 17, 2019 / 11:35 AM / 2 months ago

CANADA STOCKS-TSX futures dip as trade war escalates

May 17 (Reuters) - Futures pointed to a lower opening for Canada’s main stock index on Friday, tracking global markets which were impacted by tough words on trade from China.

China said that the United States must show sincerity if it is to hold meaningful trade talks, after U.S. President Donald Trump dramatically raised the stakes with a potentially devastating blow to Chinese tech giant Huawei.

June futures on the S&P/TSX index were down 0.26% at 7:00 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX rose 125.72 points, or 0.77%, to 16,443.86 on Thursday.

Dow Jones Industrial Average e-mini futures were down 0.42% at 7:00 a.m. ET, while S&P 500 e-mini futures were down 0.44% and Nasdaq 100 e-mini futures were down 0.57%.

TOP STORIES

Canada’s Iamgold Corp is exploring a possible sale of all or parts of the gold miner business, Bloomberg reported on Thursday, citing people familiar with the matter.

Canada’s Conservative Party leader Andrew Scheer on Thursday said if he is elected in the October national election he will rein in spending, build oil pipelines and put the country on a path to energy independence by 2030.

The premier of Canada’s main crude-producing province Alberta on Thursday welcomed a Senate committee vote recommending the federal government does not proceed with a bill enacting an oil tanker moratorium along British Columbia’s northern coast.

ANALYST RESEARCH HIGHLIGHTS

Altagas Canada Inc: CIBC raises target price to C$23 from C$20

First Quantum Minerals Ltd: Jefferies cuts target price to C$15.5 from C$19

Just Energy Group Inc: RBC cuts price target to C$5 from C$5.50

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1,285.8; -0.03%

US crude: $63.54; +1.07%

Brent crude: $73.07; +0.62 pct

U.S. ECONOMIC DATA DUE ON FRIDAY

1000 (approx.) Leading index change mm for April: Expected 0.2%; Prior 0.4%

1000 U Mich Sentiment Preliminary for May: Expected 97.5; Prior 97.2

1000 U Mich Conditions Preliminary for May: Expected 112.2; Prior 112.3

1000 U Mich Expectations Preliminary for May: Expected 86.8; Prior 87.4

1000 (approx.) U Mich 1 year inflation preliminary for May: Prior 2.5%

1000 (approx.) U Mich 5-year inflation preliminary for May: Prior 2.3%

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$1.35)

Reporting by Hrithik Kiran Bagade in Bengaluru

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