Toronto futures fall on weak oil prices; GDP data in focus

October 1, 2021

(Reuters) – Weakness in oil prices weighed on Canadian stock futures on Friday, with investors awaiting GDP data for cues about the pace of the country’s economic recovery.

Oil fell below $78 a barrel on the prospect that OPEC+ producers might step up a planned increase in output to ease supply concerns. [O/R]

December futures on the S&P/TSX index were down 0.5% at 7:00 a.m. ET.

Data for Canada’s GDP for July is due at 08:30 a.m. ET. Manufacturing sales data for September is expected at 09:30 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX composite index ended 0.44% lower at 20,070.25 on Thursday, marking a two-month closing low. [.TO]

Dow e-minis were down 156 points, or 0.46% at 7:00 a.m. ET, while S&P 500 e-minis were down 17.75 points, or 0.41% and Nasdaq 100 e-minis were down 56.5 points, or 0.38%. [.N]

TOP STORIES [TOP/CAN]

Toronto-Dominion Bank became the first major Canadian lender to raise fixed mortgage rates since March, reversing recent cuts after bond yields jumped over the past week on inflation expectations.

ANALYST RESEARCH HIGHLIGHTS [RCH/CA]

Capreit: TD Securities raises target price to C$72 from C$70

Enthusiast Gaming Holdings Inc: RBC initiates coverage with “outperform” rating

Guru Organic Energy Corp: CIBC initiates coverage with “outperform” rating

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1753; -0.19% [GOL/]

US crude: $74.46; -0.73% [O/R]

Brent crude: $77.89; -0.54% [O/R]

U.S. ECONOMIC DATA DUE ON FRIDAY

0830 Personal income mm for Aug : Expected 0.3%; Prior 1.1%

0830 Personal consumption real mm for Aug : Prior -0.1%

0830 Consumption, adjusted mm for Aug : Expected 0.6%; Prior 0.3%

0830 Core pce price index mm for Aug : Expected 0.2%; Prior 0.3%

0830 Core pce price index yy for Aug : Expected 3.6%; Prior 3.6%

0830 PCE price index mm for Aug : Prior 0.4%

0830 PCE price index yy for Aug : Prior 4.2%

0945 Markit Manufacturing PMI Final for Sep : Prior 60.5

1000 Construction spending mm for Aug : Expected 0.3%; Prior 0.3%

1000 ISM Manufacturing PMI for Sep: Expected 59.6; Prior 59.9

1000 ISM Manufacturing Prices Paid for Sep: Expected 78.5; Prior 79.4

1000 ISM Manufacturing Employment Index for Sep : Prior 49.0

1000 ISM Manufacturing New Orders Index for Sep : Prior 66.7

1000 U Mich Sentiment Final for Sep : Expected 71.0; Prior 71.0

1000 U Mich Conditions Final for Sep : Prior 77.1

1000 U Mich Expectations Final for Sep : Prior 67.1

1000 U Mich 1 year inflation final for Sep : Prior 4.7%

1000 U Mich 5-year inflation final for Sep : Prior 2.9%

1200 Dallas fed pce for Aug : Prior 3.2%

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report [.TO]

Canadian dollar and bonds report [CAD/] [CA/]

Reuters global stocks poll for Canada

Canadian markets directory

($1= C$1.27)

(Reporting by Amal S in Bengaluru; editing by Uttaresh.V)

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