June 1, 2018 / 11:33 AM / 3 months ago

CANADA STOCKS-TSX futures trade higher on global cues

June 1 (Reuters) - Stock futures pointed to a higher open for Canada's main stock index on Friday, tracking gains in world stocks as political uncertainties in Italy and Spain ended.

In Italy, anti-establishment parties revived coalition plans on Thursday, while in Spain Socialist Pedro Sanchez took over as prime minister on Friday, after outgoing leader Mariano Rajoy lost a confidence vote.

However, the prospects of a full-blown trade war with the United States continues to loom over the markets.

Canada decided to impose retaliatory tariffs on C$16.6 billion ($12.8 billion) worth of U.S. exports and challenge U.S. steel and aluminum tariffs under the North American Free Trade Agreement and the World Trade Organization, Canadian Foreign Minister Chrystia Freeland said on Thursday.

June futures on the S&P TSX index were up 0.46 percent at 7:15 a.m. ET.

Markit's seasonally adjusted manufacturing PMI data for May is due at 9:30 a.m. ET.

The Toronto Stock Exchange's S&P/TSX rose 12.84 points, or 0.08 percent, to 16,061.50 on Thursday.

Dow Jones Industrial Average e-mini futures were up 0.51 percent at 7:15 a.m. ET, while S&P 500 e-mini futures rose 0.44 percent and Nasdaq 100 e-mini futures were 0.34 percent higher.

(Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)

TOP STORIES

Bank of Nova Scotia said on Thursday it would buy MD Financial Management, a financial services company for Canadian doctors, in a C$2.59 billion all-cash deal.

COMMODITIES AT 7:15 a.m. ET

Gold futures: $1,297.2; -0.22 pct

US crude: $66.44; -0.88 pct

Brent crude: $77.77; 0.27 pct

LME 3-month copper: $6849; -0.04 pct

ANALYST RESEARCH HIGHLIGHTS

Dollarama Inc: IA Securities raises rating to buy from hold.

U.S. ECONOMIC DATA DUE ON FRIDAY

0830 Non-farm payrolls for May: Expected 188,000; Prior 164,000

0830 Private payrolls for May: Expected 183,000; Prior 168,000

0830 Manufacturing payrolls for May: Expected 20,000; Prior 24,000

0830 Government payrolls for May: Prior -4,000

0830 Unemployment rate for May: Expected 3.9 pct; Prior 3.9 pct

0830 Average earnings mm for May: Expected 0.2 pct; Prior 0.1 pct

0830 Average earnings yy for May: Expected 2.7 pct; Prior 2.6 pct

0830 Average workweek hours for May: Expected 34.5 hrs; Prior 34.5 hrs

0830 Labor force participation for May: Prior 62.8 pct

0830 U6 underemployment for May: Prior 7.8 pct

0945 Markit Manufacturing PMI Final for May: Prior 56.6

1000 Construction spending mm for Apr: Expected 0.8 pct; Prior -1.7 pct

1000 ISM Manufacturing PMI for May: Expected 58.1; Prior 57.3

1000 ISM Manufacturing Prices Paid for May: Expected 78.2; Prior 79.3

1000 ISM Manufacturing Employment Index for May: Expected 54.5; Prior 54.2

1000 ISM Manufacturing New Orders Index for May: Prior 61.2

1530 Domestic car sales for May: Expected 3.98 mln; Prior 3.90 mln

1530 Total vehicle sales for May: Expected 17.10 mln; Prior 17.15 mln

1530 Domestic truck sales for May: Expected 9.25 mln; Prior 9.28 mln

1530 All car sales for May: Prior 5.42 mln

1530 All truck sales for May: Prior 11.72 mln

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$1.29 Reporting by Benny Thomas in Bengaluru; Editing by Arun Koyyur

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