June 4, 2020 / 11:41 AM / a month ago

CANADA STOCKS-Futures fall after oil prices slide

June 4 (Reuters) - Canada's main stock index futures fell on Thursday as oil prices slid due to uncertainty surrounding OPEC+ output cuts and worries over rising U.S. inventories.

OPEC+ oil producers could still hold a ministerial video conference this week if Iraq and others which have not fully complied with existing oil supply cuts agree to boost their adherence, three OPEC+ sources told Reuters on Thursday.

Official U.S. data showed gasoline stocks rose by 2.8 million barrels, nearly triple what analysts had expected. Distillate stocks rose by 9.9 million barrels, nearly four times more than expected.

June futures on the S&P/TSX index were down 0.32% at 7:05 a.m. ET.

April trade data for the country is due at 8:30 a.m. ET.

The Toronto Stock Exchange's S&P/TSX composite index rose 1.17% to end at 15,575.11 on Wednesday.

Dow Jones Industrial Average e-mini futures were down 0.42% at 7:05 a.m. ET, while S&P 500 e-mini futures were down 0.47% and Nasdaq 100 e-mini futures were down 0.21%.

TOP STORIES

Canadian telecom firm Telus Corp said director Stockwell Day had stepped down from its board a day after the former cabinet minister compared enduring racism to his experience of being teased in school for wearing glasses.

ANALYST RESEARCH HIGHLIGHTS

Sabina Gold & Silver Corp: BMO resumes coverage with "outperform" rating, C$3 target price

National Bank of Canada: TD Securities cuts rating to "hold" from "buy"

Transar AT INC: Scotiabank cuts target price to C$8 from C$13.50

COMMODITIES AT 7:05 a.m. ET

Gold futures: $1713.8; +0.75%

US crude: $36.76; -1.42%

Brent crude: $39.54; -0.63%

U.S. ECONOMIC DATA DUE ON THURSDAY

0730 Challenger layoffs for May: Prior 671,129

0830 International trade for April: Expected -$49.0 bln; Prior -$44.4 bln

0830 Goods trade balance (R) for April: Prior -$69.68 bln

0830 Initial jobless claims : Expected 1,800,000; Prior 2,123,000

0830 Jobless claims 4-week average : Prior 2,608,000

0830 Continued jobless claims : Expected 20.050 mln; Prior 21.052 mln

0830 Labor costs revised for Q1: Expected 5.0%; Prior 4.8%

0830 Productivity revised for Q1: Expected -2.7%; Prior -2.5%

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$1.35) (Reporting by Nachiket Tekawade in Bengaluru; editing by Uttaresh.V)

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