CANADA STOCKS-TSX set to open higher as oil gains after China stimulus

Tue Mar 1, 2016 7:52am EST
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March 1 (Reuters) - Stock futures pointed to a higher start for Canada's main stock index on Tuesday after oil prices rose to a two-month high following China's surprise monetary policy easing.

March futures on the S&P TSX index were up 0.89 percent at 7:30 a.m. ET.

Canada's fourth-quarter gross domestic product growth data is due at 8:30 a.m. ET and RBC's Manufacturing Purchasing Managers' Index at 9:30 a.m. ET.

China has cut the amount of cash that banks must hold as reserves, positively surprising markets as the move frees up an estimated $100 billion for fresh lending.

Weak manufacturing data from Europe, which strengthened the case for more stimulus from the European Central Bank next week, also boosted investor sentiment.

Canada's main stock index rose on Monday as commodity market gains drove resource stocks higher, while Valeant Pharmaceuticals International fell on news the company is under investigation by the U.S. Securities and Exchange Commission.

Dow Jones Industrial Average e-mini futures were up 0.74 percent at 7:30 a.m. ET. S&P 500 e-mini futures were up 0.79 percent and Nasdaq 100 e-mini futures were up 0.80 percent.

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