CANADA STOCKS-Futures higher as oil jumps

Mon May 16, 2016 8:00am EDT
 
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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)