TSX futures rise as oil prices recover

Nov. 22 (Reuters) – Futures on Canada’s major oil-rich stock index rose on Monday as crude prices stabilized after falling, despite a surge of COVID-19 in Europe and supply disruptions due to flooding in British Columbia kept sentiment in check.

December futures contracts on the S & P / TSX index were up 0.2% at 7 a.m. ET.

After finishing 0.4% lower on Friday, the Toronto Stock Exchange’s S & P / TSX Composite Index (.GSPTSE) broke a three-day losing streak.

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Oil prices reduced nearly all session losses on Monday, but remained under pressure from increasing COVID-19 cases in Europe and a potential release of Japanese oil reserves.

The new wave of infections has forced Austria to become the first Western country to re-impose a lockdown and neighboring Germany to warn it may have to follow suit. Read more

In Canada, landslides shut down the Trans Mountain pipeline and cut two critical east-west rail lines owned by the Canadian Pacific Railway (CP.TO) and the Canadian National Railway Company (CNR. TO) which lead to the country’s busiest port, Vancouver. , hampering the supply of fuel and goods. Read more

CP said repair work on damaged infrastructure will continue uninterrupted and service is expected to be restored by the middle of next week.

Dow e-minis were up 165 points, or 0.46%, as of 5:30 p.m. ET, while S&P 500 e-minis were up 14.5 points, or 0.31%, and e- Nasdaq 100 minis were up 69.75 points, or 0.42%.

BEST STORIES

Researchers have located three bodies swept away by landslides in British Columbia, officials said on Saturday, after record-breaking rainfall crippled parts of the province. Read more

Canadians entering the United States for fuel and other essential supplies will be exempted from having to present a negative COVID-19 test result upon their return, as Ottawa seeks to help residents affected by flooding in Colombia. British, a federal official said on Sunday. Read more

HIGHLIGHTS OF ANALYST RESEARCH

EQ Inc (EQ.V): Canaccord Genuity reduces speculative buying to buy

Bank of Montreal (BMO.TO): CIBC increases target price from C $ 148 to C $ 157

Toronto-Dominion Bank (TD.TO): CIBC increases target price from C $ 99 to C $ 108

PRODUCTS AT 7:00 a.m.ET

Gold Futures: $ 1,841.6; -0.5%

American gross: $ 76.0; -0.05%

Brent crude: $ 78.85; -0.06%

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($ 1 = CA $ 1,263)

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Reporting by Susan Mathew in Bangalore; Editing by Aditya Soni

Our standards: Thomson Reuters Trust Principles.


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Felix J. Dixon