Feb 26 (Reuters) - Canada’s main stock index looked set to follow global markets higher as oil prices rose and investors focused on a meeting of G-20 leaders that kicked off in Shanghai on Friday.
China reassured global finiancial leaders at the meeting that it would not devalue its currency again but look at other means to support its economy.
Oil prices gained more than 1 percent as hopes of OPEC action outweighed concerns over fundamental oversupply.
March futures on the S&P TSX index were up 0.67 percent at 7:15 a.m. ET.
Investors will also focus on U.S. fourth-quarter GDP numbers, due at 8:30 a.m. ET.
Canada’s main stock index notched a small gain on Thursday as two major banks rose after reporting quarterly numbers, while energy stocks weighed despite a late rally in crude prices.
Dow Jones Industrial Average e-mini futures were up 0.46 percent at 7:15 a.m. ET. S&P 500 e-mini futures were up 0.46 percent and Nasdaq 100 e-mini futures were up 0.54 percent. (Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)
Husky Energy Inc, Canada’s No. 3 integrated oil company, posted a smaller-than-expected quarterly loss as cost cuts help cushion the impact from slumping crude oil prices.
Auto parts maker Magna International Inc reported a rise in quarterly sales, excluding the impact of a strong U.S. dollar, helped by healthy demand in Europe and North America.
Goldcorp Inc, the world’s largest gold producer by market value, forecast 2016 gold production of 2.8-3.1 million ounces, lower than its 2015 output, and reduced its dividend.
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1,233.30; -0.40 pct
US crude : $33.29; +0.64 pct
Brent crude : $35.60; +0.82 pct
LME 3-month copper : $4,678.00; +1.67 pct
Goldcorp Inc : Canaccord Genuity cuts target price to C$21.5 from C$23.5; rating “hold”
Loblaw Companies Ltd : RBC cuts target price to C$76 from C$78; rating “sector perform”
Stantec Inc : RBC cuts target price to C$34 from C$37
0830 Advanced goods trade balance for Jan: Prior -61.50 bln
0830 GDP 2nd estimate for Q4: Expected 0.4 pct; Prior 0.7 pct
0830 GDP sales preliminary for Q4: Expected 1.1 pct; Prior 1.2 pct
0830 GDP Cons spending preliminary for Q4: Prior 2.2 pct
0830 GDP deflator preliminary for Q4: Expected 0.8 pct; Prior 0.8 pct
0830 Core PCE prices preliminary for Q4: Expected 1.2 pct; Prior 1.2 pct
0830 PCE prices preliminary for Q4: Expected 0.1 pct; Prior 0.1 pct
1000 Personal consumption real mm for Jan: Prior 0.1 pct
1000 Personal income mm for Jan: Expected 0.4 pct; Prior 0.3 pct
1000 Consumption, adjusted mm for Jan: Expected 0.3 pct; Prior 0.0 pct
1000 Core PCE price index mm for Jan: Expected 0.2 pct; Prior 0.0 pct
1000 Core PCE price index yy for Jan: Prior 1.4 pct
1000 PCE price index mm for Jan: Prior -0.1 pct
1000 PCE price index yy for Jan: Prior 0.6 pct
1000 U Mich Sentiment Final for Feb: Expected 91.0; Prior 90.7
1000 U Mich Conditions Final for Feb: Expected 105.8; Prior 105.8
1000 U Mich Expectations Final for Feb: Expected 80.8; Prior 81.0
1000 U Mich 1 year inflation final for Feb: Prior 2.5 pct
1000 U Mich 5-year inflation final for Feb: Prior 2.4 pct
1030 ECRI Weekly Index: Prior 128.6
1030 ECRI Weekly Annualized: Prior -3.1 pct
1300 Dallas Fed PCE for Jan: Prior 0.9 pct
TSX market report
Canadian dollar and bonds report
Reuters global stocks poll for Canada
Canadian markets directory ($1= C$1.35) (Reporting by Nikhil Kumar in Bengaluru; Editing by Saumyadeb Chakrabarty)