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Futures and Commodity Market News

Oil Prices Fuel Rally in Futures

Jan 08, 2019 (Baystreet.ca via COMTEX) --

Futures for Canada's main stock index rose on Tuesday on advances in oil prices, supported by supply cuts led by the Organization of the Petroleum Exporting Countries

The S&P/TSX Composite Index gained 77.51 points to close Monday at 14,504.13

The Canadian dollar inched up 0.03 cents at 75.23 U.S. early Tuesday

March futures powered up 0.6% Tuesday.

RBC cut the price target on Canfor Corp. to $23.00 from $29.00

Canaccord Genuity cut the rating on Toromont Industries to hold from buy.

On the economic front, Canadian exports fell 2.9% in November, while imports decreased 0.5%. As a result, Canada's merchandise trade deficit with the world widened from $851 million in October to $2.1 billion in November.

ON BAYSTREET

The TSX Venture Exchange gained 3.19 points Monday to 590.63

ON WALLSTREET

U.S. stock index futures were higher on Tuesday, with market participants cautiously optimistic Washington and Beijing could be on the verge of a trade deal.

Futures for the Dow Jones Industrial Average hiked 208 points, or 0.9%, to 23,720

Futures for the S&P 500 grew 20 points, or 0.8%, to 2,570.50

NASDAQ futures gained 55.75 points, or 0.9%, to 6,552.25.

Shares of tech giants like Facebook, Amazon, Netflix and Google-parent Alphabet all rose before the bell. Apple's stock also traded 0.5% higher.

The moves in premarket trade come as dozens of officials from the world's two largest economies continue talks to resolve their ongoing trade dispute. U.S. Commerce Secretary Wilbur Ross told media outlets on Monday that both global powers could reach a settlement "they can live with, and that addresses all the key issues."

On the data front, the latest monthly Job Openings and Labour Turnover Survey (JOLTS) and consumer credit figures for November are expected to be published later in the session.

Meanwhile, President Donald Trump announced plans to deliver a prime-time address to the nation Tuesday evening. The broad-based public appeal is expected to focus on the standoff over his proposed border wall that has shut down large chunks of the federal government.

Overseas, in Japan, the Nikkei 225 climbed 0.8% Monday, while in Hong Kong, the Hang Seng index squeezed ahead 0.2%

Oil prices picked up 67 cents to $49.19 U.S. a barrel.

Gold prices dipped $8.60 to $1,281.30 U.S. an ounce.

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