CANADA STOCKS-TSX set to open higher on oil gains, stimulus hopes

Tue Mar 1, 2016 9:05am EST
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(Adds economic data, updates prices)

March 1 (Reuters) - Stock futures pointed to a higher start for Canada's main stock index on Tuesday after oil prices rose and weak manufacturing data from Europe and China strengthened the case for more stimulus.

Oil prices rose after China's surprise monetary policy easing on Monday stoked expectations for higher oil demand from the world's largest commodities consumer and signs emerged that a global supply glut was starting to deflate.

The rise and fall in oil prices have held the stock markets globally hostage for most of this year, especially commodities-heavy markets such as Canada's.

Statistics Canada data showed the Canadian economy slowed substantially in the fourth quarter as exports fell and businesses held back on investments, suggesting the country was still hurting from low oil prices.

March futures on the S&P TSX index were up 0.76 percent at 8:45 a.m. ET.

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 0.60 percent at 8:45 a.m. ET. S&P 500 e-mini futures were up 0.65 percent and Nasdaq 100 e-mini futures were up 0.61 percent.

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