CANADA STOCKS-Futures higher as oil jumps
May 16 (Reuters) - Canada's main stock index was set to open higher on Monday as oil prices jumped due to output disruptions in Nigeria and as Goldman Sachs said the market had ended almost two years of oversupply and was now in deficit. June futures on the S&P TSX index were up 0.29 percent at 7:30 a.m. ET. Oil prices jumped more than 2 percent on Monday to their highest since November 2015. No major Canadian economic releases are scheduled for the day. Canada's main stock index slipped on Friday, weighed down by financial, industrial and resource stocks as they pulled back in line with softer prices for oil and other commodities. Dow Jones Industrial Average e-mini futures were down 0.01 percent at 7:30 a.m. ET, while S&P 500 e-mini futures were up 0.05 percent and Nasdaq 100 e-mini futures were up 0.02 percent. (Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s) TOP STORIES Canadian oil and gas producer Penn West Petroleum Ltd said on Monday it might be in default on its financial covenants at the end of the second quarter and raised doubts about its ability to continue as a going concern. David Tepper's hedge fund Appaloosa bought nearly 1 million shares in Valeant Pharmaceuticals International Inc in the first three months of 2016, according to regulatory filings, but sold them during the first quarter. COMMODITIES AT 7:30 a.m. ET Gold futures : $1,282.50; +0.83 pct US crude : $47.16; +2.06 pct Brent crude : $48.80; +2.03 pct LME 3-month copper : $4,637.50; +0.22 pct ANALYST RESEARCH HIGHLIGHTS Onex Corp : CIBC keeps "sector performer" rating Valener Inc : RBC raises price target to C$23 from C$19 U.S. ECONOMIC DATA DUE ON MONDAY 0830 NY fed manufacturing Index for May: Expected 6.50; Prior 9.56 1000 NAHB Housing Market Index for May: Expected 59; Prior 58 1600 Net L-T flows, exswaps for Mar: Prior $72.0 bln 1600 Foreign buying, T-bonds for Mar: Prior $9.9 bln 1600 Overall net capital flow for Mar: Prior $33.5 bln 1600 Net L-T flows, including swaps for Mar: Prior $60.9 bln FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1= C$1.29) (Reporting by Nayyar Rasheed in Bengaluru; Editing by Kirti Pandey)
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