(Reuters) – Futures for Canada’s commodity-heavy stock index edged up on Friday, tracking a rise in crude prices, while upbeat earnings from big U.S. banks supported optimistic investor mood.
June futures on the S&P/TSX index were up 0.2% at 7:00 a.m. ET.
Oil prices advanced after the International Energy Agency said it expects global demand to rise to a record high this year on a recovery in Chinese consumption, while warning that output cuts announced by OPEC+ producers could exacerbate an oil supply deficit and hurt consumers. [O/R]
Wall Street futures slipped as most growth and technology stocks were down in premarket trading, while robust earnings from big U.S. banks, including JPMorgan Chase & Co and Wells Fargo & Co, limited losses for futures tracking S&P 500.
The Toronto Stock Exchange’s S&P/TSX composite index rose on Thursday to its highest closing level in nearly six weeks, buoyed by strength in gold miners.
In company news, Scotiabank downgraded oil and gas company Cenovus Energy Inc to “sector perform” from “sector outperform.”
TRX Gold Corp said the gold miner was on track to meet its gold production forecast for the fiscal year 2023.
COMMODITIES AT 7:00 a.m. ET
Gold futures: $2,046.1; +0.01% [GOL/]
US crude: $82.52; +0.44% [O/R]
Brent crude: $86.45; +0.42% [O/R]
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($1 = 1.3319 Canadian dollars)
(Reporting by Shristi Achar A in Bengaluru; Editing by Shilpi Majumdar)
