Futures for Canada's main stock index rose on Thursday, as oil prices surged after Iran shot down a U.S. military drone, raising fears of a military confrontation between the two countries.
The S&P/TSX Composite Index stayed buoyant 8.44 points to end Wednesday at 16,511.79
The Canadian dollar scaled higher 0.61 cents to 75.95 cents U.S. early Thursday
June futures popped 0.3% Thursday.
Mexico on Wednesday became the first country to ratify the United States-Mexico-Canada Agreement (USMCA) agreed late last year to replace the North American Free Trade Agreement (NAFTA) at the behest of U.S. President Donald Trump.
The federal and provincial governments earned $186 million in tax revenues from direct sales of cannabis in the first five-and-a-half months of legalization, Statistics Canada data showed on Wednesday, after two major provinces cut their revenue forecasts.
Conservative Party Leader Andrew Scheer unveiled his long-awaited climate and environmental plan on Wednesday that would eliminate the current federal carbon pricing program and focus on promoting green technologies.
RBC raised the price target on Altagas Canada to $32.00 from $23.00
Citigroup cut the price target on Cenovus Energy to $13.00 from $15.00
J.P. Morgan cut the rating on First Quantum Minerals to underweight from neutral
On the economic front, Statistics Canada reported 438,000 Canadians drawing employment insurance in April, up only 1,400 from the month before.
ON BAYSTREET
The TSX Venture Exchange sank 0.14 points to close Wednesday at 584.61
ON WALLSTREET
U.S. stock index futures were sharply higher Thursday morning after the Federal Reserve on Wednesday signaled possible interest rate cuts later this year.
Futures for the Dow Jones Industrial Average climbed 227 points, or 0.9 %, to 26,764.
Futures for the S&P 500 picked up 27.5 points, or 0.9%, at 2,961.
NASDAQ futures jumped 100.75 points, or 1.3%, to 7,802.75
Netflix and Amazon were among the best performers in the pre-market, rising 1% each. Facebook, Apple and Alphabet also gained around 1%.
On the data front, investors are likely to monitor the latest weekly jobless claims figures, first-quarter current account data, and the Philadelphia Fed manufacturing survey for June due out this morning. Leading index figures for May will follow slightly later in the session.
The Fed signaled on Wednesday interest rate cuts could be coming, beginning as early as July. Policymakers said they would stand ready to battle growing global and domestic economic risks as they took stock of intensifying trade tensions and growing concerns about inflation.
Overseas, the Nikkei 225 acquired 0.6% Thursday, while in Hong Kong, the Hang Seng index gained 1.2%
Oil prices hiked $1.86 to $55.62 U.S. a barrel.
Gold prices leaped $36.50 to $1,385.50 U.S. an ounce.
