Salem Radio Network News Friday, July 1, 2022

Business

TSX futures bounce back as oil prices firm

(Reuters) – Canada’s main stock index was poised to open higher on Friday on gains in crude prices, but tracked its worst week since the pandemic-driven market rout in March 2020.

September futures on the S&P/TSX index were up 0.9% at 7:00 a.m. ET.

Prices of oil rose on Friday, helped by supply tightness and new sanctions on Iran. [O/R]

The benchmark index is down 6.26% so far this week as investors grew worried that aggressive interest rate hikes from major central banks could trigger a recession.

Canada’s producer prices and raw materials prices data for May is due at 08:30 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX composite index ended 3.1% lower at 19,004.06 on Thursday, its biggest drop since June 2020 and its lowest level since April 2021. [.TO]

Dow e-minis were up 178 points, or 0.59% at 7:00 a.m. ET, while S&P 500 e-minis were up 30.5 points, or 0.83% and Nasdaq 100 e-minis were up 126.75 points, or 1.14%. [.N]

TOP STORIES [TOP/CAN]

Bausch Health Companies Inc said on Thursday it was suspending plans for the initial public offering of its unit Solta Medical due to challenging market conditions.

ANALYST RESEARCH HIGHLIGHTS [RCH/CA]

Telus Corp: RBC cuts target price to C$36 from C$37

Airboss Of America Corp: TD Securities cuts target price to C$34 from C$40

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1845.8; -0.04% [GOL/]

US crude: $118.04; +0.38% [O/R]

Brent crude: $120.39; +0.48% [O/R]

U.S. ECONOMIC DATA DUE ON FRIDAY

0915 Industrial production mm for May: Expected 0.4%; Prior 1.1%

0915 Capacity utilization SA for May: Expected 79.2%; Prior 79%

0915 Manufacturing output mm for May: Expected 0.3%; Prior 0.8%

0915 Industrial production YoY for May: Prior 6.4%

1000 Leading index change mm for May: Expected -0.4%; Prior -0.3%

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report [.TO]

Canadian dollar and bonds report [CAD/] [CA/]

Reuters global stocks poll for Canada

Canadian markets directory

($1= C$1.30)

(Reporting by Amal S in Bengaluru; Editing by Sriraj Kalluvila)

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