November 25, 2019 / 12:27 PM / 16 days ago

CANADA STOCKS-TSX futures rise on hopes of U.S.-China phase-one trade deal

Nov 25 (Reuters) - Canada’s main stock index futures were up on Monday over signs that the U.S. and China would agree on a phase-one trade deal by year end.

A Chinese state-backed tabloid said on Monday China and the United States were “very close” to an initial trade agreement, adding to optimism from Friday, when the presidents of both the countries reiterated their desire for a deal.

On Saturday, U.S. national security adviser Robert O’Brien said an initial trade agreement with China is still possible by the end of the year, though he warned Washington would not turn a blind eye to what happens in Hong Kong.

December futures on the S&P/TSX index were up 0.21% at 7:00 a.m. ET or 12:00pm GMT.

The Toronto Stock Exchange’s S&P/TSX composite index fell 0.26% to 16,954.84 on Friday.

Dow Jones Industrial Average e-mini futures were up 0.28% at 7:00 a.m. ET, while S&P 500 e-mini futures were up 0.24% and Nasdaq 100 e-mini futures were up 0.34%.

TOP STORIES

Canadian miner Kirkland Lake Gold Ltd said on Monday it would buy smaller rival Detour Gold Corp for about C$4.89 billion ($3.68 billion) in an all-stock deal, as it looks to scale up its mining operations and boost reserves.

BHP Group will pay 17.1 million pounds ($21.9 million) to become the biggest shareholder in SolGold Plc , the majority owner of the Cascabel copper-gold project in Ecuador.

Canadian banks this week are gearing up to report their slowest annual earnings growth since the global financial crisis, as analysts and investors brace for another challenging profit season due to tougher economic conditions.

ANALYST RESEARCH HIGHLIGHTS

Bank of Nova Scotia: Canaccord Genuity raises price target to C$77 from C$74

CI Financial Corp: Canaccord Genuity raises price target to C$25 from C$23.50

Canadian Western Bank: Canaccord Genuity raises target price to C$36 from C$34

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1456.6; -0.48 %

US crude: $57.66; -0.19 %

Brent crude: $63.32; -0.11 %

U.S. ECONOMIC DATA DUE ON MONDAY

0830 National Activity Index for Oct: Prior -0.45

1030 (approx.) Dallas Fed Manufacturing Business Index for Nov: Prior -5.10

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$1.33 Reporting by Swathi Nair in Bengaluru; Editing by Shinjini Ganguli

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