TSX futures inched higher on Thursday, with investors optimistic about Canadian oil output’s ultimate recovery from Prairie wildfires and the country’s ability to compete in a US tariff war. US markets are also up, finding the positive in Trump’s deadline for trade deals of June 4th coming with no new announcements.
Market Numbers (Futures)
TSX: Up (0.2%) 26,381.65.
TSXV: Up (0.31%), 719.43.
DOW: Up (0.09%), 42,517.
NASDAQ: Up (0.05%), 21,759.25.
FTSE: Up (0.03%), 8,815.26.
In the Headlines
Global gas producer Vermilion Energy (TSX:VET) sold its remaining United States assets for C$120 million, representing 5,500 boe/d of production and about 10 mmboe of proved, developed and producing reserves. The company will use the proceeds to pay off debt and will now focus its efforts on core Canadian and European operations.
Another company restructuring to adapt to the uncertain macroeconomic climate, Procter & Gamble (NYSE:PG), plans to cut 7,000 jobs or 6 per cent of its workforce over the next two years – in addition to divesting from certain brands – in response to Trump tariff uncertainty and changing consumer demand. The US is Procter & Gamble’s largest market, with its supply chain heavily reliant on imports from China.
Currency Update (Futures)
The Canadian dollar rose to US$0.7320, up from US$0.7296 on Wednesday, gave up ground to the Euro, falling from €0.6412 to €0.6406, and started the day at 0.5394 GBP and 104.8800 JPY.
At the time of writing, Bitcoin was down by 0.02 per cent for the day trading at C$143,272.43.
Commodities (Futures)
Natural Gas: Down (0.05%), US$3.66.
WTI: Up (0.23%), US$63.08.
Gold: Up (0.53%), US$3,394.57.
Copper: Up (0.07%), US$4.97.
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