June 5 (Reuters) - Futures for Canada's main stock index rose on Wednesday, as rising hopes of rate cuts from the U.S. Federal Reserve to counter slowing economic growth could potentially weaken the dollar and boost gold prices.
Spot gold XAU= was up 0.7%, having clocked its highest since Feb. 21 at $1,338.34 earlier in the session. GOL/
June futures on the S&P/TSX index SXFc1 were up 0.37% at 7:00 a.m. ET.
Canada's reserve assets data for May is due at around 8:15 a.m. ET, while labor productivity figures for the first quarter are due at 8:30 a.m. ET.
The Toronto Stock Exchange's S&P/TSX index .GSPTSE closed up 150.35 points, or 0.94%, at 16,166.24 on Tuesday. Jones Industrial Average e-mini futures 1YMc1 were up 0.65% at 7:00 a.m. ET, while S&P 500 e-mini futures ESc1 were up 0.66% and Nasdaq 100 e-mini futures NQc1 were up 0.81%. .N
TOP STORIES TOP/CAN
Japan's Mitsubishi Heavy Industries Ltd 7011.T , which has been developing its own regional jet programme, said on Wednesday it was in talks to buy Bombardier Inc 's BBDb.TO CRJ aircraft business. President-elect Laurentino Cortizo said on Tuesday his government would review a mining contract awarded to a subsidiary of Canada's First Quantum Minerals FM.TO , casting a cloud of uncertainty around a key project for the firm. RESEARCH HIGHLIGHTS RCH/CA
Roots Corp ROOT.TO : National Bank of Canada cuts target price to C$5.50 from C$6.50.
Prometic Life Sciences Inc PLI.TO : Royal Bank of Canada cuts price target to C$0.03 from C$0.70.
Canadian National Railway Co CNR.TO : Royal Bank of Canada cuts price target to C$127 from C$128.
BRP Inc DOO.TO : Citigroup (NYSE:C) raises price target to C$49 from C$45.
Cronos Group Inc CRON.TO : BofA Merrill Lynch raises rating to buy from underperform; price target upped to C$27 from C$17.
COMMODITIES AT 7:00 a.m. ET COM/WRAP
Gold futures GCc2 : $1339.7; +1.06% GOL/
US crude CLc1 : $53.18; -0.56% O/R
Brent crude LCOc1 : $61.99; -0.11% O/R
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0815 ADP (NASDAQ:ADP) national employment for May: Expected 180000; Prior 275000
0945 Markit composite final PMI for May : Prior 50.9
0945 Markit services PMI final for May : Prior 50.9
1000 ISM N-Manufacturing PMI for May: Expected 55.5; Prior 55.5
1000 ISM N-Manufacturing Business Activity for May: Expected 58.5; Prior 59.5
1000 ISM N-Manufacturing Employment Index for May: Prior 53.7
1000 ISM N-Manufacturing New Orders Index for May: Prior 58.1
1000 ISM N-Manufacturing Price Paid Index for May: Prior 55.7
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($1 = C$1.34)