00:00Good Thursday morning, here's your market open update.
00:05TSX 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 U.S. tariff war.
00:18U.S. markets are also up, finding the positive in Trump's deadline for trade deals of June 4th coming with no new announcements.
00:28June futures on the S&P TSX index were up by 0.2%, with the Dow adding 9 basis points and the Nasdaq adding 5 basis points in pre-market trading.
00:42Into the headlines, global gas producer Vermillion Energy sold its remaining U.S. assets for $120 million, representing 5,500 barrels of oil equivalent per day of production
00:56and about 10 million barrels of oil equivalent of proved, developed and producing reserves.
01:02The company will use the proceeds to pay off debt and will now focus its efforts on core Canadian and European operations.
01:10Another company restructuring to adapt to the uncertain macroeconomic climate, Procter & Gamble, plans to cut 7,000 jobs or 6% of its workforce over the next two years, in addition to divesting from certain brands.
01:26This in response to Trump tariff uncertainty and changing consumer demand.
01:32The U.S. is Procter & Gamble's largest market, with its supply chain heavily reliant on imports from China.
01:40Now turning to currency futures, the Canadian dollar rose to 0.7320 U.S., up from 0.7296 U.S. on Wednesday.
01:53It gave up ground to the Euro, falling from 0.6412 to 0.6406, and started the day at 0.5394 GBP and 104.88 Yen.
02:08At the time of writing, Bitcoin was down by 0.02% for the day, trading at $143,272.43.
02:19Ending with commodity futures, natural gas is down by 5 basis points.
02:24WTI is up by 23 basis points.
02:28Gold has added 53 basis points, while copper is up by 7 basis points.
Be the first to comment