TSX futures drop on weaker oil prices

Canada’s main stock index futures fell on Tuesday, dragged down by weaker oil prices on the back of rising coronavirus cases and simmering U.S.-China tensions.

A possible return of Libyan oil production, which has been down to a trickle since the start of the year, also hurt crude prices.

September futures on the S&P/TSX index were down 0.24% at 7:00 a.m. ET.

Data for Canada’s GDP for the month of April is due at 8:30 a.m. ET.

On Monday, the Toronto Stock Exchange’s S&P/TSX composite index ended 1.32% higher at 15,389.72.

Dow Jones Industrial Average e-mini futures were down 0.11% at 7:00 a.m. ET, while S&P 500 e-mini futures were down 0.04% and Nasdaq 100 e-mini futures were down 0.03%%. [.N]

TOP STORIES [TOP/CAN]

Canada is over the worst of the coronavirus outbreak but a spike in cases in the United States and elsewhere shows Canadians must remain vigilant as the economy reopens, Prime Minister Justin Trudeau said on Monday.

Canada’s Alimentation Couche-Tard Inc’s quarterly results beat estimates on Monday, as customers spent more per trip to its convenience stores, even as overall traffic declined due to the COVID-19 pandemic.

Canada’s Cirque du Soleil Entertainment Group filed for bankruptcy protection on Monday as the COVID-19 pandemic forced the famed circus operator to cancel shows and lay off its artistes.

ANALYST RESEARCH HIGHLIGHTS [RCH/CA]

Restaurant Brands International Inc: Jefferies raises target price to $53 FROM $47

Cineplex Inc: National Bank Of Canada cuts target price to C$8 from C$10

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1,781.0; +0.03% [GOL/]

US crude: $39.3; -1.01% [O/R]

Brent crude: $41.26; -1.08% [O/R]

U.S. ECONOMIC DATA DUE ON TUESDAY

0900 Caseshiller 20 mm SA for Apr: Expected 0.5%; Prior 0.5%

0900 Caseshiller 20 mm NSA for Apr: Prior 1.1%

0900 Caseshiller 20 yy for Apr: Expected 4.0%; Prior 3.9%

0945 Chicago PMI for Jun: Expected 45.0; Prior 32.3

1000 Consumer Confidence for Jun: Expected 91.8; Prior 86.6

1030 Texas Service Sector Outlook for Jun: Prior -41.7

1030 Dallas Fed Services Revenues for Jun: Prior -28.1

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report [.TO]

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

Reuters global stocks poll for Canada <EPOLL/CA>

Canadian markets directory

(Reporting by Shivani Kumaresan in Bengaluru; Editing by Maju Samuel)

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