July 8 (Reuters) - Canadian stock futures struggled to find direction on Wednesday amid firmer gold prices that rose on deepening fears of a surge in global cases of the novel coronavirus.
Gold briefly breached $1,800 an ounce for the first time since 2011, as COVID-19 continued its unabated spread, sending investors scurrying for safe havens.
September futures on the S&P/TSX index edged 0.02% higher at 7:00 a.m. ET.
Data for Canada’s Overall comprehensive risk for Q3 is due at 13:00 p.m. ET
On Tuesday, the Toronto Stock Exchange’s S&P/TSX composite index ended 0.47% lower at 15,595.50
In the United States, Dow Jones Industrial Average e-mini futures were up 0.03% at 7:00 a.m. ET, while S&P 500 e-mini futures were up 0.11% and Nasdaq 100 e-mini futures were up 0.32%.
Canadian and U.S. cannabis companies are facing a spike in already high costs of insurance to protect top executives from personal liability, following a slew of lawsuits by disgruntled investors alleging fraud and misinformation, with more such action expected.
Canada is eyeing issuing longer-term debt to take advantage of low interest rates, and expects servicing costs to be lower this fiscal than was forecast last year despite the billions in emergency spending due to COVID-19, a government source said.
ANALYST RESEARCH HIGHLIGHTS
Jaguar Mining Inc: PI Financial raises price target to C$0.80 from C$0.45
MEG Energy Corp: Morgan Stanley raises target price to C$4.5 from C$2.5
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1,815.8; +0.33%
US crude: $40.56; -0.15%
Brent crude: $43.07; -0.02%
U.S. ECONOMIC DATA DUE ON WEDNESDAY 12.00 TR IPSOS PCSI for July: Prior 48.78 13.00 Overall Comprehensive Risk for Q3: Prior 8.29 15.00 Consumer Credit for May: Expected -15.50 bln; Prior -68.78 bln
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TSX market report
Canadian dollar and bonds report
Reuters global stocks poll for Canada
Canadian markets directory ($1= C$1.36) (Reporting by Shivani Kumaresan in Bengaluru)
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