CANADA STOCKS-Futures rise as higher oil overshadows growth data

Wed Dec 23, 2015 8:59am EST
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(Adds economic data)

Dec 23 (Reuters) - Stock futures pointed to a higher start for Canada's main stock index on Wednesday, despite weak economic growth and retail sales data, as oil prices edged up following an unexpected decline in U.S. crude inventories.

Oil prices rose, underpinned by an unexpected fall in U.S. crude inventories, but they were still close to multi-year lows as supplies remained abundant and as OPEC lowered the demand outlook for its exports.

March futures on the S&P TSX index were up 0.73 percent at 8:45 a.m. ET.

Canada's economic growth stalled in October, struggling soon after emerging from recession, as a rebound in the oil and gas sector was offset by declines in manufacturing and retail activity, data from Statistics Canada showed.

Retail sales also rose less than expected in October as increased purchases of motor vehicles and clothing were tempered by a decline at food stores, according to data from Statistics Canada.

Canada's main stock index gained in low-volume trade on Tuesday, with rises in industrial, telecom and resource stocks offsetting the impact of subdued performance in some of the country's biggest banks.

Dow Jones Industrial Average e-mini futures were up 0.50 percent at 8:45 a.m. ET, while S&P 500 e-mini futures were up 0.29 percent and Nasdaq 100 e-mini futures were up 0.34 percent.

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