CANADA STOCKS-TSX futures track upbeat global sentiment after China rate cut
May 20 (Reuters) - Canada's main stock index was set to open higher on Friday following upbeat global sentiment after China cut a key lending benchmark rate to support its economy.
June futures on the S&P/TSX index were up 1.0% at 7:00 a.m. ET.
China cut its five-year loan prime rate (LPR), which influences the pricing of mortgages, by a sharper-than-expected 15 basis points on Friday, as authorities seek to cushion the impact of an economic slowdown. It left the one-year LPR unchanged.
The Toronto Stock Exchange's S&P/TSX composite index ended 0.4% higher at 20,181.92 on Thursday.
The benchmark index was up 0.4% for the week, led by gains in energy and materials stocks on the back of strength in commodities, although weakness in cyclical stocks weighed on the index.
Dow e-minis were up 282 points, or 0.9% at 7:00 a.m. ET, while S&P 500 e-minis were up 42.25 points, or 1.08% and Nasdaq 100 e-minis were up 171.5 points, or 1.44%.
TOP STORIES
Canada on Thursday said it plans to ban the use of China's Huawei Technologies Co Ltd and ZTE Corp 5G gear to protect national security, joining the rest of the so-called Five Eyes intelligence-sharing network.
ANALYST RESEARCH HIGHLIGHTS
ATS Automation Tooling Systems Inc: Scotiabank raises PT to C$55 from C$53
Canadian Imperial Bank of Commerce: Credit Suisse initiates with "outperform" rating
Laurentian Bank of Canada: Credit Suisse initiates with "underperform" rating
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1844.9; +0.21%
US crude: $112.45; +0.21%
Brent crude: $112.33; +0.29%
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report
Canadian dollar and bonds report
Reuters global stocks poll for Canada
Canadian markets directory ($1= C$1.28) (Reporting by Amal S in Bengaluru; Editing by Vinay Dwivedi)
