CANADA STOCKS-Canada equity futures rise, stocks set for eighth straight quarter of gains
BY Reuters | ECONOMIC | 07:07 AM EDTJune 30 (Reuters) - Canadian stock index futures rose on Tuesday, as higher commodity prices and easing geopolitical tensions put the main benchmark on track for a strong quarterly performance. Futures on the S&P/TSX index were up 6.20 points, or 0.30%, at 06:29 a.m. ET, signaling a positive open for the markets.
* Optimism around AI and signs of a resilient global economy despite several headwinds have supported global stock markets this year.
* Canada's S&P/TSX Composite Index was on track for its eighth straight quarter of gains, the benchmark's longest winning streak since January 1995-October 1996.
* The index was poised for a 6.3% rise in the second quarter, still lagging U.S. peer S&P 500, which is on track for a 14% gain.
* The rally in oil prices on the back of the Middle East conflict has helped Canada's energy index outperform this year with a near 25% jump.
* But crude prices have retreated sharply in recent weeks on signs of progress in ending the Middle East conflict, weighing on Canada's commodity-heavy stock index. Brent crude prices edged up to $73.16 on Tuesday.
* Gold miners, which carry sizeable weight in the TSX index, have come under pressure as spot gold prices head for their worst quarter since 2013.
* Investors will also keep a close eye on U.S. economic data this week, including the June non-farm payrolls report, for clues on the Federal Reserve's monetary policy path. Canada's April GDP data is due at 8:30 a.m. ET.
* Meanwhile, U.S. President Donald Trump's administration is expected to formally declare on Wednesday that it will not extend the U.S.-Mexico-Canada Agreement (USMCA) on trade, starting a decade-long clock to wind down the 32-year-old North American free trade zone as the three countries haggle over proposed changes.
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report
Canadian dollar and bonds report
Reuters global stocks poll for Canada
Canadian markets directory (Reporting by Sruthi Shankar in Bengaluru; Editing by Jonathan Ananda)
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