May 26 (Reuters) – Canada’s main stock index was set to open higher on Friday, recovering from three-straight sessions of losses, as commodity prices ticked higher, while investors were hopeful of a deal concerning the U.S. debt limit.
June futures on the S&P/TSX index were up 0.4% at 7:06 a.m. ET.
Contracts tied to crude oil prices held steady as investors weighed conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting.
Gold and silver prices climbed higher as a decline in the U.S. dollar made the precious metals cheaper for holders of other currencies.
Investors around the globe were on edge, as negotiators in Washington appeared to be nearing a deal on lifting the U.S. debt ceiling.
Elsewhere, Nippon Steel Corp (5401.T) said it was still in talks with Teck Resources Ltd (TECKb.TO) as Japan’s top steelmaker remained eager to take a stake in Teck’s high-grade coking coal asset, despite Glencore’s (GLEN.L) bid for the miner.
Canadian Western Bank (CWB.TO) said it no longer expected to meet its annual pre-tax, pre-provision income and was targeting lower annual growth than it had previously expected.
Waste treatment firm Anaergia Inc (ANRG.TO) said that one of its units, Rialto Bioenergy Facility initiated restructuring proceedings, which could have a positive impact on its 2023 cash flows.
Silver miner Silvercorp Metals Inc (SVM.TO) missed analyst expectations on quarterly earnings and sales.
The Toronto Stock Exchange’s S&P/TSX composite index (.GSPTSE) closed 0.8% lower on Thursday, weighed down by the energy and financials sectors.
Dow e-minis were up 47 points, or 0.14% at 7:06 a.m. ET, while S&P 500 e-minis were up 8.25 points, or 0.2% and Nasdaq 100 e-minis were up 50.5 points, or 0.36%.
COMMODITIES AT 7:06 a.m. ET
Gold futures : $1,952.3; +0.4%
US crude : $72.29; +0.64%
Brent crude : $76.74; +0.3%
U.S. ECONOMIC DATA DUE ON FRIDAY
April Personal Consumption Expenditure data due at 8:30 a.m. ET
May University of Michigan Consumer sentiment (final) due at 10 a.m. ET
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($1 = 1.3372 Canadian dollars)
Reporting by Johann M Cherian and Vansh Agarwal in Bengaluru; Editing by Rashmi Aich
Our Standards: The Thomson Reuters Trust Principles.
