September 8, 2016 / 11:32 AM / a year ago

CANADA STOCKS-Futures gain as oil prices rise

Sept 8 (Reuters) - Stock futures indicated a higher opening for Canada’s main stock index on Thursday, driven by a jump in oil prices after data showed a marked reduction in U.S. crude stocks.

The large drawdown in U.S. crude reserves reflected the temporary impact of Tropical Storm Hermine, which threatened the Gulf Coast refining region last week before moving to the East Coast of the United States.

September futures on the S&P TSX index were up 0.16 percent at 7:10 a.m. ET.

Building permits data and new housing price index data for July is due at 8:30 a.m. ET. Capacity utilization data for the second quarter is also expected at 8:30 a.m. ET.

Canada’s main stock index slipped on Wednesday as shares in some mining and telecom companies and a convenience store operator weighed, although rising energy stocks limited losses.

Dow Jones Industrial Average e-mini futures were up 0.04 percent at 7:10 a.m. ET. S&P 500 e-mini futures were up 0.06 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

An agreement between the European Union and Canada to share airline passenger data that the two sides say is key to fighting terrorism cannot enter into force as currently drafted, an adviser to the top EU court said.

ANALYST RESEARCH HIGHLIGHTS

New Gold Inc : Desjardins cuts target price to C$7 from C$7.25

Enbridge Inc : Goldman Sachs raises to “buy” from “neutral” on growth visibility

Hudson’s Bay Co : CIBC cuts to “sector performer” from “sector outperformer”

COMMODITIES AT 7:10 a.m. ET

Gold futures : $1,344.90; +0.04 percent

US crude : $46.24; +1.63 percent

Brent crude : $48.59; +1.27 percent

LME 3-month copper : $4,645; -0.11 percent

U.S. ECONOMIC DATA DUE ON THURSDAY

0830 Initial jobless claims: Expected 265,000; Prior 263,000

0830 Jobless claims 4-week average: Prior 263,000

0830 Continued jobless claims: Expected 2.153 mln; Prior 2.159 mln

1500 Consumer credit for July: Expected 16.00 bln; Prior 12.32 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 Sai Sharanya Khosla in Bengaluru; Editing by Sriraj Kalluvila

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