March futures on the S&P/TSX index were up 0.8% at 6:46 a.m. ET.
The S&P/TSX composite index on the Toronto Stock Exchange ended up 0.4% at 21,581.70 on Thursday, its highest closing level since February 9. [.TO]
Statistics Canada data should show that the Canadian economy likely added a net 160,000 jobs in February, following a loss of 200,100 jobs the previous month. Data are due 8:30 a.m. (ET).
The benchmark is up 0.8% so far this week and was poised for its third straight weekly gain, buoyed by rising oil prices after a wave of Western sanctions on oil imports from Russia following its invasion of Ukraine has triggered supply concerns.
Dow e-minis were up 407 points, or 1.23% as of 6:46 a.m. ET, while S&P 500 e-minis were up 58.75 points, or 1.38% and e-minis Nasdaq 100 minis were up 226.25 points, or 1.67%. [.N]
TOP STORIES [TOP/CAN]
Canada is exploring ways to increase the use of pipelines to boost crude exports as Europe seeks to reduce its dependence on Russian oil, the country’s natural resources minister said Thursday.
Annual maintenance work in Alberta’s oil sands will shut down about 5% of Canadian crude production this spring, analysts estimate, at a time when global oil supply is facing tight pressures. massive disruption due to Russia’s invasion of Ukraine.
ANALYSTS’ RESEARCH STRENGTHS [RCH/CA]
Docebo Inc: ATB Capital Markets raises target price from C$110 to C$115.
Granite REIT: CIBC raises target price from C$109 to C$110.
KP Tissue Inc: RBC moves from “outperformance” to “sector performance”.
AMENITIES 7:00 a.m. ET
Gold futures: $1997.4; -0.15% [GOL/]
US Crude Oil: $109.53; +3.32% [O/R].
Brent Crude Oil: $112.81; +3.21% [O/R]
US ECONOMIC DATA FORECAST FOR THURSDAY
1000 U Mich preliminary 5-year inflation for Mar: Prior 3.0%
1000 U Mich inflation 1 year preliminary for Mar: Prior 4.9%
1000 U Mich Preliminary expectations for Mar: Expected 58.8; Priority 59.4
1000 U Mich Preliminary conditions for March: expected 66.0; anterior 68.2
1000 U Mich Preliminary Sentiment for Mar: Expected 61.4; Previous 62.8
FOR NEWS FROM CANADIAN MARKETS, CLICK ON THE CODES:
TSX Market Report [.TO]
Report on the dollar and Canadian bonds [CAD/] [CA/]
Reuters Global Equity Survey for Canada
Canadian Markets Directory
($1= C$1.28)