March 10, 2016 / 2:07 PM / a year ago

CANADA STOCKS-Futures extend gains after ECB rate cut

3 Min Read

(Adds ECB rate cuts, economic data)

March 10 (Reuters) - Canada's stock index futures extended gains on Thursday after the European Central Bank cut its key interest rates and expanded its asset-buying program, and data showed Canada's new home prices rose in January.

March futures on the S&P TSX index were up 0.74 percent at 8:45 a.m. ET.

The ECB cut its deposit rate deeper into negative territory, charging banks more for parking their cash, and increased monthly asset buys to 80 billion euros ($86.82 billion) from 60 billion euros. It also cut its main refinancing rate to zero from 0.05 percent.

Canadian new home prices rose 0.1 percent in January, driven by higher costs in Vancouver and Toronto, data from Statistics Canada showed.

Separately, Statistics Canada data showed that industrial and manufacturing capacity rates both fell in the fourth quarter from the third quarter.

Canada's benchmark stock index rose on Wednesday, led by energy stocks as crude oil prices rallied and financial stocks gained after the Bank of Canada held interest rates.

Dow Jones Industrial Average e-mini futures were up 0.85 percent at 8:45 a.m. ET. S&P 500 e-mini futures were up 0.92 percent and Nasdaq 100 e-mini futures were up 1.05 percent.

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

Top Stories

A long-awaited rebound in Canadian manufacturing is finally taking hold as currency hedges and contracts priced when the country's dollar was stronger expire, giving exporters a competitive edge, executives in the sector say.

COMMODITIES AT 8:45 a.m. ET

Gold futures : $1,249.00; -0.60 pct

US crude : $38.29; 0.00 pct

Brent crude : $40.78; -0.71 pct

LME 3-month copper : $4,901.00; -0.69 pct

Analyst Research Highlights

Imperial Oil Ltd : RBC raises target price to C$46 from C$44; rating "sector perform"

Manitoba Telecom Services Inc : CIBC cuts rating to "sector performer"

Transcontinental Inc : CIBC raises target price to C$22 from C$21

u.s. Economic Data on Thursday

0830 Initial jobless claims: Actual 259,000; Revised 277,000

0830 Jobless claims 4-week average: Actual 267,500; Revised 270,000

0830 Continued jobless claims: Actual 2.225 mln; Revised 2.257 mln

1400 Federal budget balance for Feb: Expected -$200 bln; Prior $55.2 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$1.33) ($1 = 0.92 euro) (Reporting by Riniki Sanyal and Nikhil Kumar in Bengaluru; Editing by Kirti Pandey)

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