June 18, 2019 / 11:28 AM / a month ago

CANADA STOCKS-TSX futures up on rising gold prices ahead of Fed meeting

June 18 (Reuters) - Futures pointed to a higher opening for Canada’s main stock index on Tuesday, as gold prices edged up on hopes of a rate cut from the U.S. Federal Reserve, which begins its two-day interest rate meeting later in the day.

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

April manufacturing sales data is due at 8:30 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX index rose 51.54 points, or 0.32%, to 16,353.45 on Monday.

Dow Jones Industrial Average e-mini futures were up 0.41% at 7:00 a.m. ET, S&P 500 e-mini futures were up 0.48% and Nasdaq 100 e-mini futures were up 0.85%.

TOP STORIES

China will block pork imports from Frigo Royal after a batch of the Canadian firm’s pork was found to contain the banned feed additive ractopamine, the customs agency said in a statement on its Wechat account.

A C$1.25 billion Canadian program to help young people buy their first homes in a hot housing market will start up on Sept. 2, most likely just before an election is called, officials indicated on Monday.

ANALYST RESEARCH HIGHLIGHTS

Athabasca Oil Corp: RBC initiates coverage with C$1.15 price target

Canfor Corp: CIBC raises rating to outperformer from neutral

Medipharm Labs Corp: Canaccord Genuity cuts target price to C$7.50 from C$8

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1,348; +0.6%

US crude: $51.74; -0.37%

Brent crude: $60.56; -0.62%

U.S. ECONOMIC DATA DUE ON TUESDAY

0830 Building permits: number for May: Expected 1.296 mln; Prior 1.290 mln

0830 Build permits: change mm for May: Prior 0.2%

0830 Housing starts number for May: Expected 1.239 mln; Prior 1.235 mln

0830 House starts mm: change for May: Prior 5.7%

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$1.34)

Reporting by Hrithik Kiran Bagade in Bengaluru; Editing by Shinjini Ganguli

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