April 12, 2016 / 11:22 AM / 2 years ago

CANADA STOCKS-Rising oil prices drive futures higher

April 12 (Reuters) - Canadian stock futures were set to open higher on Tuesday as oil climbed to $43 a barrel, supported by hopes that top producers will soon agree on steps to rein in oversupply.

June futures on the S&P TSX index were up 0.41 percent at 7:15 a.m. ET.

Many members of OPEC as well as outside producers such as Russia are meeting in Doha, Qatar, on Sunday to discuss freezing output.

Canada’s main stock index rose on Monday following a boost in gold mining stocks, while railway company Canadian Pacific Railway Ltd advanced after it scrapped a takeover bid.

Dow Jones Industrial Average e-mini futures were up 0.29 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.39 percent and Nasdaq 100 e-mini futures were up 0.42 percent.

No major Canadian economic data is scheduled to be released on Tuesday.

(Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)

TOP STORIES

Canadian solar company SkyPower is looking for partners for its India projects and will start building them in the fall of this year, its chief executive told Reuters on Tuesday, adding it was rapidly expanding its team and activities in seven states.

COMMODITIES AT 7:15 a.m. ET

Gold futures : $1,257.00; +0.02 pct

US crude : $40.62; +0.64 pct

Brent crude : $43.26; +1.05 pct

LME 3-month copper : $4,697.50; +0.72 pct

ANALYST RESEARCH HIGHLIGHTS

Agrium Inc : Goldman Sachs cuts target price to C$107 from C$114

Rogers Communications Inc : RBC raises price target to C$55 from C$53

U.S. ECONOMIC DATA DUE ON TUESDAY

0830 Import prices mm for Mar: Expected 1.0 pct; Prior -0.3 pct

0830 Export prices mm for Mar: Expected -0.2 pct; Prior -0.4 pct

0855 Redbook mm: Prior 3.1 pct

0855 Redbook yy: Prior 0.6 pct

1400 Federal Budget for Mar: Expected -104.0 bln; Prior $-193.0 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 Riniki Sanyal in Bengaluru; Editing by Saumyadeb Chakrabarty)

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