CANADA STOCKS-TSX futures drop on weaker oil prices

July 10 (Reuters) - Canada’s main stock index futures fell on Friday, dragged down by weaker oil prices as record-breaking new coronavirus cases in the United States dented hopes of a recovery in fuel demand.

Brent crude was down by 95 cents, or 2.2%, at $41.40 a barrel by 0926 GMT, and U.S. oil fell $1.01, or 2.6%, at $38.61 a barrel.

Brent looks set for a weekly decline of almost 3.5% and U.S. crude a fall of 5%.

September futures on the S&P/TSX index were down 0.06% at 7:00 a.m. ET.

Data for Canada’s unemployment rate for June is due at 8:30 a.m. ET.

On Thursday, the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE ended 0.39% lower at 15,568.64.

Dow Jones Industrial Average e-mini futures were down 0.39% at 7:00 a.m. ET, while S&P 500 e-mini futures were down 0.31% and Nasdaq 100 e-mini futures were down 0.19%.


The economic recovery underway in Canada will be stronger in the near-term than expected a few months ago, according to a Reuters poll of economists who said a resurgence in coronavirus infections and high unemployment were the two biggest risks.

European Union antitrust regulators have set a new deadline of July 31 to rule on Alstom’s bid for Bombardier Inc’s transport business after the French TGV high-speed train maker offered to sell assets to address competition concerns.

Canada is preparing to dial back emergency income support for people laid off due to COVID-19 in favor of more traditional unemployment benefits and will shift resources to a wage subsidy program that encourage employers to rehire staff.


Aritzia Inc: BMO raises target price to C$24 from C$21

Endeavour Silver Corp: BMO raises target price to C$3.50 from C$2.80


Gold futures: $1,814.1; +0.57%

US crude: $38.88; -1.87%

Brent crude: $41.68; -1.58%

U.S. ECONOMIC DATA DUE ON FRIDAY 08.30 PPI final demand yy for Jun: Expected -0.2%; Prior -0.8% 08.30 PPI final demand mm for Jun: Expected 0.4%; Prior 0.4% 08.30 PPI exfood/energy yy for Jun: Expected 0.4%; Prior 0.3% 08.30 PPI exfood/energy mm for Jun: Expected 0.1%; Prior -0.1% 08.30 PPI ex food/energy/transport yy for Jun: Prior -0.4% 08.30 PPI ex food/energy/transport mm for Jun: Prior 0.1%


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$1= C$1.36 Reporting by Shivani Kumaresan in Bengaluru; Editing by Maju Samuel