TOP NEWS • cuts sales outlook as narrowly misses earnings Thomson Reuters reported higher quarterly sales and operating profit that fell slightly short of Wall Street estimates, while cutting its full-year sales outlook due to disruption to the global economy from the coronavirus pandemic. • Marathon Petroleum cuts spending by $1.4 billion as virus saps fuel demand U.S. oil refiner Marathon Petroleum lowered spending by 30% and detailed other measures to cut cost, as widespread lockdowns to contain the spread of the COVID-19 pandemic pummel demand for oil and gas. • France's Total keeps dividend stable in 'exceptional circumstances' Total kept its dividend stable despite a sharp fall in first-quarter net adjusted profit, hit by the impact of the coronavirus outbreak and deep falls in the oil price. • DuPont doubles cost-savings target, slashes capital expenses DuPont doubled its annual cost-savings target and slashed its capital expenditure by about $500 million, as it looks to weather the global trade uncertainties brought on by the coronavirus outbreak. • Pfizer, BioNTech set to begin U.S. coronavirus vaccine trial Pfizer and BioNTech said they have begun delivering doses of their experimental coronavirus vaccines for initial human testing in the United States.

BEFORE THE ’s main stock index futures rose as oil prices jumped on expectations that fuel demand would begin to pick up. U.S. stock futures gained as moves to ease major economies out of their coronavirus lockdowns lifted sentiment. European shares rose, boosted by upbeat earnings and gains in French energy major Total. Hong Kong stocks ended higher, while China, Japan and South Korea markets were closed for public holidays. Rising tensions between the United States and China supported the U.S. dollar. Gold prices eased. Trade balance data is scheduled on economic calendar.

STOCKS TO WATCH • Thomson Reuters Corp (TRI). The company reported higher quarterly sales and operating profit that fell slightly short of Wall Street estimates, while cutting its full-year sales outlook due to disruption to the global economy from the coronavirus pandemic. The company, controlled by Canada's Thomson family, said it was targeting a $100 million cost reduction program and noted it has no debt due until 2023. It said it has enough liquidity for the next 12 months and does not expect to change its dividend. It reported a 2% rise in first quarter revenue to $1.52 billion, helped by gains in its legal and corporates businesses, and said operating profit rose 6% to $290 million. Adjusted earnings of 48 cents a share were 1 cent below Wall Street expectations. Thomson Reuters forecast 1%-2% total revenue growth this year, below its February estimate of 4.5%-5.5%.

GRAPHIC Coronavirus pushes oil majors to biggest output cuts in 17 years Oil and gas output from some of the world's top oil companies is set to drop by nearly 11% in the second quarter of 2020 to levels not seen in at least 17 years, according to Reuters calculations.

ANALYSTS' RECOMMENDATION • Air Canada (AC). Cowen and Company raises price target to C$19 from C$17, saying the company is right sizing fleet and workforce to meet the realities of a low-demand. • Kinaxis Inc (KXS). TD Securities raises price target to C$165 from C$130, citing the company’s high recurring revenue mix and potentially increased pipeline when the pandemic passes. • Lightspeed POS Inc (LSPD). Keybanc raises price target to C$27, reflecting favorable secular cloud trends and under-penetrated platform opportunities. • Westshore Terminals Investment Corp (WTE). RBC raises price target to C$31 from C$29, based on the company’s better-than- expected Q1 results.

ECONOMIC EVENTS (All timings in U.S. Eastern Time) 0815 (approx.) Reserve assets total for Apr: Prior 86,100 mln 0830 Trade balance for Mar: Expected -C$2 bln; Prior -C$0.98 bln 0830 Exports for Mar: Expected C$45 bln; Prior C$48.34 bln 0830 Imports for Mar: Expected C$45.8 bln; Prior C$49.32 bln

COMPANIES REPORTING RESULTS May 5: B2Gold Corp (BTO). Expected Q1 earnings of 10 cents per share Inc (BLDP). Expected Q1 loss of 4 cents per share Genworth MI Canada Inc (MIC). Expected Q1 earnings of C$1.26 per share George Weston Ltd (WN). Expected Q1 earnings of C$1.54 per share Great Canadian Gaming Corp (GC). Expected Q1 earnings of 4 Canadian cents per share Intact Financial Corp (IFC). Expected Q1 earnings of C$1.54 per share Corp (K). Expected Q1 earnings of 8 cents per share Corp (MX). Expected Q1 earnings of 6 cents per share Inc (SLF). Expected Q1 earnings of C$1.12 per share Inc (SU). Expected Q1 loss of 17 Canadian cents per share Thomson Reuters Corp (TRI). Expected Q1 earnings of 49 cents per share Wesdome Gold Mines Ltd (WDO). Expected Q1 earnings of 10 Canadian cents per share Winpak Ltd (WPK). Expected Q1 earnings of 40 cents per share

May 6: ARC Resources Ltd (ARX). Expected Q1 loss of 1 Canadian cent per share Corp (ABX). Expected Q1 earnings of 16 cents per share Boralex Inc (BLX). Expected Q1 earnings of 33 Canadian cents per share CI Financial Corp (CIX). Expected Q1 earnings of 60 Canadian cents per share Crescent Point Energy Corp (CPG). Expected Q1 earnings of 7 Canadian cents per share Dundee Precious Metals Inc (DPM). Expected Q1 earnings of 15 cents per share Fortis Inc (FTS). Expected Q1 earnings of 73 Canadian cents per share Franco-Nevada Corp (FNV). Expected Q1 earnings of 56 cents per share Great-West Lifeco Inc (GWO). Expected Q1 earnings of 59 Canadian cents per share Kinaxis Inc (KXS). Expected Q1 earnings of 29 cents per share Ltd (KL). Expected Q1 earnings of 75 cents per share Financial Corp (MFC). Expected Q1 earnings of 59 Canadian cents per share Ltd (NTR). Expected Q1 loss of 6 cents per share Pan American Silver Corp (PAAS). Expected Q1 earnings of 13 cents per share Parkland Fuel Corp (PKI). Expected Q1 loss of 1 Canadian cent per share Real Matters Inc (REAL). Expected Q2 earnings of 8 cents per share Spin Master Corp (TOY). Expected Q1 loss of 13 cents per share Stantec Inc (STN). Expected Q1 earnings of 45 Canadian cents per share Torex Gold Resources Inc (TXG). Expected Q1 earnings of 11 cents per share Tourmaline Oil Corp (TOU). Expected Q1 earnings of 13 Canadian cents per share Waste Connections Inc (WCN). Expected Q1 earnings of 66 cents per share Corp (WPM). Expected Q1 earnings of 21 cents per share WSP Global Inc (WSP). Expected Q1 earnings of 63 Canadian cents per share

CORPORATE EVENTS (All timings in U.S. Eastern Time) 0800 Primo Water Corp (MISSISSAUGA) (PRMW). Annual Shareholders Meeting 0830 Iamgold Corp (IMG). Q1 earnings conference call 0830 Thomson Reuters Corp (TRI). Q1 earnings conference call 0900 George Weston Ltd (WN). Q1 earnings conference call 0900 Gibson Energy Inc (GEI). Q1 earnings conference call 1000 Barrick Gold Corp (ABX). Annual Shareholders Meeting 1000 International Inc (FTT). Q1 earnings conference call 1100 George Weston Ltd (WN). Annual Shareholders Meeting 1100 Great Canadian Gaming Corp (GC). Q1 earnings conference call 1200 Gibson Energy Inc (GEI). Annual Shareholders Meeting 1300 Great Canadian Gaming Corp (GC). Annual Shareholders Meeting 1400 Ritchie Bros. Auctioneers Inc (RBA). Annual Shareholders Meeting 1530 Inc (ENB). Annual Shareholders Meeting 1700 Finning International Inc (FTT). Annual Shareholders Meeting 1700 Sun Life Financial Inc (SLF). Annual Shareholders Meeting

EXDIVIDENDS There are no major exdivs for the day.

(All analysts' estimates are according to I/B/E/S Refinitiv data.)

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A couple kisses at Duomo Square, as Italy begins a staged end to a nationwide lockdown due to the spread of the coronavirus disease (COVID-19) in Catania, Italy May 4. REUTERS/Antonio Parrinello

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